Aseana Properties Limited Update on Progress of Divestment of Portfolio (4071X)
November 24 2017 - 2:00AM
UK Regulatory
TIDMASPL
RNS Number : 4071X
Aseana Properties Limited
24 November 2017
Aseana Properties Limited
("Aseana" or the "Company")
24 November 2017
Update on Progress of the Divestment of the Portfolio
Aseana Properties Limited (LSE: ASPL), a property developer in
Malaysia and Vietnam listed on the Main Market of the London Stock
Exchange, announces an update on the progress of divestment of the
Company's assets which commenced following the Shareholder vote on
22 June 2015. As part of that vote, the Company committed to
dispose of all of its assets by June 2018 and to propose a
discontinuation resolution as an ordinary resolution at its AGM in
June 2018.
On 3 July 2017, the Board of Directors released an announcement
highlighting the significant progress that had been made in
realising assets in an orderly manner and in paying down project
debts since the Shareholder vote. Subsequent to that announcement,
the following assets have also been sold:
-- the final remaining apartment at Tiffani Mont' Kiara has been sold for US$0.95m;
-- 6 units at Seni Mont' Kiara for a total consideration of US$3.0m;
-- the divestment of a plot of land of 1.23 hectares (D2) at
International Healthcare Park ("IHP") for a total consideration of
US$5.47m; and
-- the divestment of a plot of land of 1.19 hectares (D3) at IHP
for a total consideration of US$7.73m.
As a result of these asset sales, the associated debt repayments
and changes to the valuation of the remaining assets, the Company's
Net Assets and Realisable Net Assets as at 30 September 2017 were
US$137.63m and US$181.74m respectively. Outstanding debt was
US$79.46m and the cash balance was US$14.51m as at 30 September
2017.
During this period, the sale of The RuMa Hotel and Residences
Kuala Lumpur increased to 57% of the total units while construction
completion is scheduled for April 2018.
Performance continues to improve and losses narrow at each of
the Company's three operating assets, the City International
Hospital in Ho Chi Minh City, the Harbour Mall Sandakan and the
Four Points Sheraton Sandakan Hotel in East Malaysia.
The Company is in negotiation with a potential buyer of the
seafront resort and residential development at Kota Kinabalu, and
will update Shareholders when there are positive developments.
Discussions continue to be held on the sale of most of the
Company's remaining assets. However, the Directors cannot be
certain that these discussions will successfully conclude by June
2018, the date originally set for the disposal of all of the
Company's assets. As a result, the Directors will consult with
Shareholders in early 2018 in order to establish whether
alternative proposals to the discontinuation resolution should also
be put forward at the next AGM, in the interests of maximising
value for Shareholders.
The Directors intend to make further returns of capital to
Shareholders as soon as possible following the completion of
further asset disposals and the pay back of outstanding project
debt. Further announcements will be made as soon as there is more
clarity on the progress and timing of these disposals.
For further information:
Aseana Properties Limited Tel: +603 6411 6388
Chan Chee Kian Email: cheekian.chan@ireka.com.my
N+1 Singer Tel: 020 7496 3000
James Maxwell / Liz Yong (Corporate
Finance)
Sam Greatrex (Sales)
Tavistock Communications Tel: 020 7920 3150
Jeremy Carey / James Verstringhe Email: jeremy.carey@tavistock.co.uk
Notes to Editors:
London-listed Aseana Properties Limited (LSE: ASPL) is a
property developer investing in Malaysia and Vietnam.
Ireka Development Management Sdn Bhd ("IDM") is the exclusive
Development Manager for Aseana. It is a wholly-owned subsidiary of
Ireka Corporation Berhad, a company listed on the Bursa Malaysia
since 1993, which has over 50 years of experience in construction
and property development. IDM is responsible for the day-to-day
management of Aseana's property portfolio and the divestment of
existing properties.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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