Aseana Properties Limited Asset sale update (2315W)

TIDMASPL

RNS Number : 2315W

Aseana Properties Limited

08 December 2023

8 December 2023

Aseana Properties Limited

("ASEANA" or the "Company")

Asset sale update

Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia listed on the Main Market of the London Stock Exchange, announces that further to an announcement on 1 November 2023, progress is still being made on the sale of the Sandakan hotel asset and the adjacent Harbour Mall Sandakan (the "Sandakan Assets") and that an extension to the Sale and Purchase Agreement has been agreed. The completion of the Sandakan Assets is subject to the receipt of regulatory approval in Malaysia.

Payment of part of the purchase price is being arranged and the repayment of the remaining Medium Term Notes (the "Notes") which had been used to fund the construction of the Sandakan Assets and which was due to be made today is the priority of the purchaser and is expected to occur shortly. The banking syndicate that provided these loans has however served notice today that non-payment of the Notes has created an Event of Default and there is a thirty-day cure period within the terms of the Notes. The Company is engaging with the Trustee to the Notes to seek a sixty-day extension of the repayment date from the Note holders.

Financing is still being arranged by the purchaser of the 32 unsold residences at The RuMa Hotel & Residences in Kuala Lumpur to complete their purchase and this is now expected to be secured by the end of January.

For further information:

Aseana Properties Limited

   Nick, Paris, Non-Executive Chairman    nickparis@btinternet.com

+44 (0)7738 470550

Grant Thornton UK LLP

   Philip Secrett                                            +44 (0)207 383 5100

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December 08, 2023 10:45 ET (15:45 GMT)

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