Aseana Properties Limited Quarterly Investor Update (9660I)
November 30 2018 - 2:00AM
UK Regulatory
TIDMASPL
RNS Number : 9660I
Aseana Properties Limited
30 November 2018
30 November 2018
Aseana Properties Limited
("Aseana")
Quarterly Investor Update
Aseana Properties Limited (LSE: ASPL), a property developer in
Malaysia and Vietnam, listed on the Main Market of the London Stock
Exchange, has issued its Quarterly Investor Update for the nine
month period to 30 September 2018, a copy of which can be obtained
from Aseana's website at:
http://www.aseanaproperties.com/quarterly.htm
Highlights:
-- The final unit of SENI Mont' Kiara ("SENI") was sold and the
sale and purchase agreement was signed on 26 September 2018.
-- The RuMa Hotel and Residences ("The RuMa") received its
Certificate of Completion and Compliance ("CCC") on 28 September
2018 and handover of the hotel suites and service residences to
their purchasers is in progress. The RuMa has achieved approx. 57%
sales based on sale and purchase agreements signed.
-- The Harbour Mall Sandakan ("HMS") is approx. 78% leased to date.
-- Four Points by Sheraton Sandakan Hotel ("FPSS") recorded an
average occupancy rate of approx. 35% for the period to 30
September 2018 and 40% to date.
-- As a result of the adoption of International Accounting
Standard IFRS 15 Revenue from Contracts with Customers by the
Group, the NAV of the Company as at 30 September 2018 is US$144.23
million (US$0.726 per share) as compared to US$127.36 million
(US$0.641 per share) based on the previous accounting standard.
Update on Progress of the Divestment of Portfolio
On 3 July 2018, the Manager announced that discussions with a
China-based buyer was ongoing for the disposal of the Seafront
Resort and Residential Development. However, due to a change in
Malaysian macro-economic conditions subsequent to the General
Election, discussions with the China-based buyer have been
terminated. The Manager is currently in discussions with several
other interested parties.
On the divestment progress of City International Hospital, the
Manager is currently in advanced negotiations with a Vietnam-based
healthcare group for the divestment of CIH.
Change in Accounting Policy of the Group
Aseana Properties Limited ("the Group") adopted the
International Accounting Standard IFRS 15 Revenue from Contracts
with Customers with a date of initial application of 1 January
2018. As a result, the Group changed its accounting policy for
revenue recognition. The Group applied IFRS 15 by recognizing the
cumulative effect of initially applying IFRS 15 as an adjustment to
the opening balance of equity as at 1 January 2017. Adjustments to
revenue are made for property development activities of serviced
residences for The RuMa, where no revenue was previously recognized
under the IFRIC 15 - Agreements for Construction of Real Estate,
which prescribes that revenue be recognized only when the
properties are completed and occupancy permits are issued. As a
result of the adoption of IFRS 15, the NAV of the Company as at 30
September 2018 is US$144.23 million as compared to US$127.36
million based on the previous accounting standard.
For further information:
Aseana Properties Limited Tel: 00 603 6411 6388
Chan Chee Kian Email: cheekian.chan@ireka.com.my
N+1 Singer Tel: 020 7496 3000
James Maxwell / James Moat (Corporate
Finance)
Sam Greatrex (Sales)
Tavistock Tel: 020 7920 3150
Jeremy Carey / Kirsty Allan 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 51 years' 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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