17 Apr 2009 07:01
Date: 17 April 2009
On behalf of: Aseana Properties Limited ("Aseana" or "the Company")
Embargoed for: 0701hrs
Aseana Properties Limited
Exit from acquisition of sea-front development land in Da Nang, Vietnam
Quarterly Investor Update
The Board of Aseana Properties Limited (LSE: ASPL), an Asian property developer on the Official List of the London Stock Exchange, today announces that they have taken the decision not to proceed with the investment in the sea-front development opportunity in Da Nang, Vietnam. The conditions as originally stated within the acquisition agreement between the Company and the Nam Khang Corporation were not met within the stipulated timeframe.
The acquisition agreement was signed on 26 November 2007, where the Company was envisaged to acquire a 60% stake in the development of a 202,800 square metres of sea-front land on Duong ven bien Son Tra, Dien Ngoc, Da Nang, central Vietnam.
The Company continues to be committed to its projects in Vietnam and is currently actively implementing various investments in its portfolio including two projects that have received Investment Licenses; the Queen's Place Project in District 4, Ho Chi Minh City, and the International Hi-tech Healthcare Park in Binh Tan District, Ho Chi Minh City.
Aseana also announces that it has today issued a Quarterly Investor Update for the period ended 31 December 2008. Electronic copies of the report can be obtained on its website at the following link: http://www.aseanaproperties.com/quarterly.htm
Enquiries:
| Aseana Properties Limited | Contactable via Redleaf Communications |
| Redleaf Communications | Tel: +44 (0)20 7566 6700 |
| Adam Leviton / Samantha Robbins / Kathryn Hurford | Email: aseana@redleafpr.com |
| Fairfax I.S. PLC | Tel: 020 7598 5368 |
| James King / Gillian McCarthy |
Aseana Prop. (ASPL)