ASPL: LIM Advisors requisitions to add 2 Directors

ASPL: LIM Advisors requisitions to add 2 Directors

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We, on behalf of the funds under our management, have today (13 May 2024) requisitioned the board of directors ("Board") of Aseana Properties Limited (the "Company") to hold an extraordinary general meeting of shareholders of the Company as soon as practicable (and in any case not later than 2 months after the date of the deposit of the requisition) to appoint two additional directors, Dato' Dr THONG Kok Cheong and Clare Mariam Binti MUHIUDEEN, to the Board in order to bring fresh eyes and experience to the Board. The Company has, after several attempts, failed to complete the sale of its assets in Sandakan, Malaysia, and has defaulted on the Medium Term Notes issued to finance the development of its Sandakan Assets. It is urgent that the proposed two new directors join the Board to exercise effective oversight of management and improve the Company's corporate governance at this critical time.

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For more information, please contact below.

Enquiries:

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LIM Advisors Limited +852-2533-0900

Larry Li (larry.li@limadvisors.com)

George Long (george.long@limadvisors.com)