Last checked at 24 Sep 2015 07:00
Aseana Properties Limited
("Aseana")
Sale of Stake in Waterside Estates, Vietnam
Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam listed on the Main Market of the London Stock Exchange, announces that ASPL PLB Limited ("ASPL PLB"), its 100% owned subsidiary, has entered into an agreement with Nam Long Investment Corporation ("Nam Long") and Nam Khang Construction Investment Development Limited Liability Company ("Nam Khang") to dispose of its 55 per cent stake in ASPL PLB-Nam Long Limited Liability Company ("ASPL PLB-Nam Long") for a total cash consideration of approximately US$9.29 million, including repayment of shareholder loans to ASPL PLB. ASPL PLB-Nam Long, a 55:45 joint venture company between Aseana and Nam Long, is the developer of the Waterside Estates residential project in District 9 in Ho Chi Minh Minh City, Vietnam. Waterside Estates was initially to be developed into 37 villas and 460 apartment units set in a lush green landscape, with the river-front view of the Rach Chiec River.
The disposal by Aseana is an early divestment of this Project, which was originally planned for Q1 2016. The sale consideration is approximately a 9.3 per cent premium to the latest Project RNAV of US$8.5 million, as at 30 June 2015. Approximately US$1.86 million will be paid to Aseana upon entering into the agreement and the transaction is expected to complete in December 2015. Upon closing of the transaction, Aseana will record a gain of approximately US$0.45 million. The proceeds from this divestment will be applied towards a pool of capital to be returned to the shareholders of Aseana, subject to working capital requirements and consents from financiers of Aseana.
Dato' Mohammed Azlan Hashim, Chairman of Aseana, said: "The disposal of our stake in the Project is in line with the strategy of the Company to realise existing assets and to return capital to shareholders in an orderly manner. We will be announcing the details of Aseana's first capital distribution in due course."
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 / Liz Yong (Corporate Finance) Sam Greatrex (Sales) | ||
Tavistock | Tel: 020 7920 3150 | |
Jeremy Carey / James Verstringhe | Email: jcarey@tavistock.co.uk | |
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 45 years of experience in construction and property development. IDM is responsible for the day-to-day management of Aseana's property portfolio and the introduction and facilitation of new investment opportunities.