Aseana Properties Ltd - property developer in Malaysia and Vietnam - Directors and all parties to demerger agreements agreed to establish new October 19 long stop date. This after July agreements relating to proposals to demerge certain Aseana assets in exchange for the buyback and cancellation of a significant percentage of shares in the capital of the company. Demerger agreements had contained October 14 long stop date by which the demerger needed to have completed or the sate reset. New date is with view to agreeing arrangements for revised completion date in late November. Delay necessary to allow participating shareholder Ireka Corp Bhd more time to call and hold meeting to seek shareholder approval for the demerger.
Moreover, Aseana's bankers and holders of its medium term notes issued in relation to financing of the RuMa and Sandakan assets have yet to approve the demerger. Aseana says: "It is hoped that such approval can be obtained during this extension period. All other required consents for the demerger have been obtained."
Current stock price: USD0.34
Year-to-date change: down 26%
By Anna Farley; annafarley@alliancenews.com
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Aseana Prop. (ASPL)