Last checked at 6 May 2009 08:54
Date: 6 May 2009
On behalf of: Aseana Properties Limited ("Aseana" or "the Company")
Immediate Release
Aseana Properties Limited
Aseana Properties Limited has been notified that on 4 May 2009, Ospraie Management, LLC ("Ospraie"), as investment manager on behalf of discretionary clients, has decreased its interest in ordinary shares in the Company ("Ordinary Shares").
Ospraie previously held 54,194,391 Ordinary Shares and as at the date of the notification, being 4 May 2009, Ospraie now holds 44,194,391 Ordinary Shares representing 19.64% of the voting issued share capital of the Company, being 225,000,000 Ordinary Shares.
Aseana is listed on the Main List of the London Stock Exchange.
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Further information, please contact:
Enquiries:
| Redleaf Communications | Tel: 020 7566 6700 |
| Samantha Robbins / Adam Leviton / Kathryn Hurford | Email: aseana@redleafpr.com |
| Fairfax I.S. PLC | Tel: 020 7598 5368 |
| James King / Gillian McCarthy |
Notes to Editors
Ireka Development Management, the Development Manager for Aseana Properties Limited, is a wholly-owned subsidiary of Ireka Corporation Berhad, a company listed on the Bursa Malaysia since 1993, which has over 40 years of experience in construction and property development.
Aseana Properties Limited typically invests in development projects at pre-construction stage, with a primary focus on locations within the major cities of Malaysia and Vietnam.
Investment is made in projects where it is believed there will be a minimum 30% annualised return on equity ("ROE") on investments in Vietnam and a minimum 20% ROE on investments in Malaysia.
No one underlying single asset will account for more than 30% of the gross assets of the Company at the time of investment.
The Directors believe the following factors should provide sustainable growth in the real estate sectors of both Malaysia and Vietnam:
An increasing standard of living and urbanisation driven by a burgeoning young and middle class population
Clear Government role in encouraging participation of private sectors in real estate development, as well as encouraging and promoting land and property ownership
Improving availability of mortgages to encourage property ownership
Favoured Foreign Direct Investment (FDI) destinations driving demand for commercial and industrial properties