Update on the Demerger Proposal

RNS Number : 8349G
Aseana Properties Limited
30 November 2020
 

30 November, 2020

 

Aseana Properties Limited ("Aseana" or the "Company")

 

Update on the demerger proposal and on the sale of two land plots in Kota Kinabalu

 

The Demerger proposal

Aseana Properties Limited (LSE: ASPL LN), a property developer in both Malaysia and Vietnam which is listed on the Main Market of the London Stock Exchange, entered into certain agreements on 15 July 2020 (the "Demerger Agreements") in relation to proposals to demerge certain assets held by the Company in exchange for the buyback and cancellation of a significant percentage of the issued ordinary shares of US$0.05 each in the capital of the Company (the "Shares"). Those Demerger Agreements set a long stop date of 14 October 2020 by which date the demerger needed to have been completed or the date reset by mutual agreement of all signatories. This date had been extended in a couple of stages to 27 November 2020.

 

 

 

The sale of two land plots in Kota Kinabalu, Sabah, Malaysia

Aseana entered into two Sale and Purchase Agreements on 16 July 2020 to sell two adjacent plots of land in Kota Kinabalu to a party related to Ireka for a total cash consideration of approximately US$4 million. The Company has received cash deposits and a part of the balance of the proceeds have been used to pay down debt that is secured against those land plots. The sale of the land plots was independent of the demerger transaction and completion is pending release of the charges by the bank. 


 

For further information:

Aseana Properties Limited

Tel: +44 20 3325 7050

Nick Paris, Chairman

nickparis@btinternet.com 

 

Liberum Capital

Tel: +44 20 3100 2000

Gillian Martin / Owen Matthews






 

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