Last checked at 23 Jul 2009 16:05
Date: 23 July 2009
On behalf of: Aseana Properties Limited ("Aseana" or "the Company")
Immediate Release
Aseana Properties Limited
Major interest in Shares
Aseana Properties Limited, a leading Asian property developer investing in Malaysia and Vietnam, has recently received notification of a change in the number of ordinary shares and percentage voting rights in the Company held by Ospraie Management, LLC ("Ospraie"). Ospraie previously held 19,134,391 ordinary shares in the Company representing 9% of the issued share capital. However, as a result of a disposal of shares, Ospraie no longer holds a notifiable interest in the Company.
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