Major interest in Shares

RNS Number : 8853E

Aseana Properties Limited

31 December 2009

 



Date:                    31 December 2009

On behalf of:        Aseana Properties Limited ("Aseana" or "the Company")

Aseana Properties Limited

§         Major interest in Shares

 

Aseana Properties Limited (LSE: ASPL), a leading property developer investing in Malaysia and Vietnam
listed on the Official List of the London Stock Exchange, has recently received notification from Thong Kok Cheong regarding the acquisition of 1,000,000 ordinary shares in the Company ("Shares") on 23 December 2009. Following the acquisition, Thong Kok Cheong holds a total of 10,700,000 Shares, representing 5.03% of the issued voting share capital of the Company.

Ends

Enquiries:

Aseana Properties Ltd
Tan May Lee	Tel: [phone]
	Email:  [e-mail]
Redleaf Communications	Tel: [phone]
Adam Leviton / Kathryn Hurford	Email: [e-mail]
Fairfax I.S. PLC	Tel: [phone]
Rachel Rees

Notes to Editors

 

§         Aseana Properties Limited typically invests in development projects at pre-construction stage, with a primary focus on locations within the major cities of Malaysia and Vietnam. 

 

§         Investment is made in projects where it is believed there will be a minimum 30% annualised return on equity (“ROE”) on investments in Vietnam and a minimum 20% ROE on investments in Malaysia.

 

§         No one underlying single asset will account for more than 30% of the gross assets of the Company at the time of investment.

 

§         The Directors believe the following factors should provide sustainable growth in the real estate sectors of both Malaysia and Vietnam:

o        An increasing standard of living and urbanisation driven by a burgeoning young and middle class population

o       Clear Government role in encouraging participation of private sectors in real estate development, as well as encouraging and promoting land and property ownership

o        Improving availability of mortgages to encourage property ownership

o        Favoured Foreign Direct Investment (FDI) destinations driving demand for commercial and industrial properties

 

§         Ireka Development Management, the Development Manager for Aseana Properties Limited, is a wholly-owned subsidiary of Ireka Corporation Berhad, a company listed on the Bursa Malaysia since 1993, which has over 40 years of experience in construction and property development.

 

END

 

 

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