Aseana Properties Limited Publication of Q3 2018 Corporate Presentation (8545M)
January 11 2019 - 2:01AM
UK Regulatory
TIDMASPL
RNS Number : 8545M
Aseana Properties Limited
11 January 2019
11 January 2019
Aseana Properties Limited
("Aseana" or the "Company")
Publication of Q3 2018 Corporate Presentation & Revision of
Expected Disposal Schedule
Aseana Properties Limited (LSE: ASPL), a property developer in
Malaysia and Vietnam listed on the Main Market of the London Stock
Exchange, announces that it has today published its Q3 2018
Corporate Presentation, a copy of which can be obtained from the
Company's website at:
http://www.aseanaproperties.com/corporatepresentation.htm
As a result of the prevailing market conditions and progress
made by the Development Manager in disposing the Company's
remaining assets, the Directors have revised the expected disposal
schedule as follows:
Name of asset Expected Revised
Disposal Disposal
Date Date
City International Hospital Q4 2018 Q2 2019
Seafront Resort and Residential Development, Q4 2018 Q4 2019
Kota Kinabalu, Sabah
Harbour Mall Sandakan Q4 2018 Q3 2019
International Healthcare Park Q2 2019 Unchanged
The RuMa Hotel Q4 2019 Unchanged
The RuMa Residences Q4 2019 Unchanged
Four Points by Sheraton Sandakan Hotel Q1 2020 Unchanged
City International Hospital ("CIH") - Negotiations with a
China-based healthcare group for the acquisition of CIH have been
put on hold due to the inability of the buyer to secure necessary
funding to complete the acquisition. The previously announced
disposal date was established on the basis of a 'letter-of-intent'
received from the China-based healthcare group in [month/year].
Separately, discussions with a Vietnam-based healthcare group on
the acquisition of CIH are continuing, with other preliminary
discussions taking place simultaneously.
Seafront Resort and Residential Development - The previously
announced disposal date was established on the basis of a
non-binding offer, followed by advanced negotiations of contract
documents and due-diligence with a China-based buyer.
Unfortunately, negotiations have been discontinued with the buyer
citing changes in business sentiment following the unprecedented
result of the General Election in Malaysia in May 2018. The Manager
is in preliminary discussions with other potential buyers.
Harbour Mall Sandakan - Discussions with a potential
Malaysian-based buyer were put on hold on the completion of
preliminary due diligence process, with the buyer citing
challenging market conditions as the key obstacle. The Manager is
continuing its engagement with the potential buyer to address its
concerns where possible, and is also working on securing interest
from other buyers.
Separately, following the completion of construction of The RuMa
Hotel & Residences at the end of September 2018, The RuMa Hotel
has commenced trading on 30 November 2018. The RuMa Hotel is a
253-room luxury urban hotel located in the Kuala Lumpur City
Centre, and is a member of the Leading Hotels of the World
(https://www.theruma.com/en/).
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 / 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 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 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
MSCUAVNRKBAAARR
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