Notice of AGM and publication

RNS Number : 6865K

Aseana Properties Limited

23 April 2010

 



23 April 2010

Aseana Properties Limited

("Aseana Properties")

2009 Annual Report and Notice of AGM

The Board of Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam,

announces that  its Annual Report for 2009 can now be obtained on its website at the following link: http://www.aseanaproperties.com/annual_reports.htm

Aseana Properties also announces that it will convene its Annual General Meeting ("AGM") at 12 Castle Street, St Helier, Jersey, Channel Islands, JE2 3RT on Wednesday, 19 May 2010 at 9.00 a.m.

The Annual Report and the Notice of the AGM will be posted to shareholders by mail on 30 April 2010. The Notice is now available on its website at the following link http://www.aseanaproperties.com/documents.htm

For further information:

Aseana Properties Limited	Tel: [phone]
Tan May Lee	Email: [e-mail]
Tavistock Communications	Tel: [phone]
Jeremy Carey / Simon Hudson / Gemma Bradley	Email: [e-mail]
Fairfax I.S. PLC	Tel: [phone]
James King

Notes to Editors:

London-listed Aseana Properties Limited (LSE: ASPL) ("Aseana" or "the Company"), is a property developer in Malaysia and Vietnam.

Aseana typically invests in development projects at pre-construction stage.  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.

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 40 years experience in construction and property development. IDM is responsible for the day-to-day management of Aseana's property portfolio and the introduction and facilitation of new investment opportunities.

Fundamentals of Malaysia and Vietnam remain strong for future growth, especially with indications pointing to strong growth in emerging markets this year. In particular, the real estate sectors are likely to flourish due to:

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

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

·      Improving availability or mortgages to encourage property ownership

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

 

END

 

 

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