Last checked at 11 Jan 2019 07:01
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 Disposal Date | Revised Disposal Date |
City International Hospital | Q4 2018 | Q2 2019 |
Seafront Resort and Residential Development, Kota Kinabalu, Sabah | Q4 2018 | Q4 2019 |
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 | |
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N+1 Singer | Tel: 020 7496 3000 | |
James Maxwell / James Moat (Corporate Finance) Sam Greatrex (Sales) |
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Tavistock | Tel: 020 7920 3150 | |
Jeremy Carey / Kirsty Allan | Email: jeremy.carey@tavistock.co.uk | |
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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.