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31 Dec 2009 07:00
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Date: 31Β DecemberΒ 2009
On behalf of: Aseana Properties LimitedΒ ("Aseana" orΒ "the Company")
Embargoed for: 0700hrs
Aseana Properties Limited
Further to theΒ announcement dated 11 December 2009,Β Aseana Properties LimitedΒ (LSE: ASPL),Β aΒ leadingΒ property developer investing in Malaysia and VietnamΒ listedΒ on theΒ OfficialΒ List of the London Stock Exchange, today announces that it has entered intoΒ aΒ conditional Share Subscription Agreement and Joint Venture Agreement with Ireka Corporation Berhad ("ICB")Β in relation toΒ the co-development ofΒ aΒ prime developmentΒ siteΒ (the "Site")Β located in theΒ heart ofΒ Kuala Lumpur City Centre ("KLCC"). Aseana will be taking a 70% stake in the joint venture company, World Trade Frontier Sdn. Bhd. ("SPVCo") for an amount that would value the SPVCo at Ringgit Malaysia 87,120,000Β (approximately US$25.3 million), plus incidental costs arising from the transaction. ICB will continue to hold a 30% stake in the SPVCo.Β
The completion of this proposed transaction will be conditional upon (a)Β acquisition by ICB of the Site from a third party, and (b) the approval from the shareholders of ICB forΒ the sale ofthe 70% stake in SPVCo to Aseana.
Commenting on theΒ new investment, Dato' Mohammed Azlan bin Hashim, Chairman of Aseana Properties Limited, said:
"KLCC is a proven and sought-after location forΒ high-end residences inΒ MalaysiaΒ and we are excited with thisΒ opportunity of being able toΒ expand our portfolio of projects intoΒ this prime area. With the Malaysian and global economiesΒ showing signs ofΒ improvementΒ and recentΒ renewedΒ interest inΒ KLCC properties,Β weΒ believe that the proposed development on theΒ SiteΒ will be well received when it is launched.
"We are also excited with the prospect of partnering ICBΒ on this development. With over 42 years of experience and track record of investing and developing inΒ Malaysia, we believe thatΒ ICBΒ will be aΒ valuableΒ joint venture partner that will contribute to the success of the project."
Ends
Enquiries:
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Aseana Properties Ltd |
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|
Tan May Lee |
Tel: +603 6203 6688 |
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Email:Β Β maylee.tan@ireka.com.my |
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|
Redleaf Communications |
Tel:Β 020Β 7566Β 6700 |
|
Adam Leviton / Kathryn Hurford |
Email:Β aseana@redleafpr.com |
|
Fairfax I.S. PLC |
Tel: 020 7598 5368 |
|
James KingΒ /Β Rachel Rees |
Notes to Editors
An increasing standard of living and urbanisation driven by a burgeoning young and middle class population
Improving availability of mortgages to encourage property ownership
Favoured Foreign Direct Investment (FDI) destinations driving demand for commercial and industrial properties
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