22 Apr 2009 07:00
RNS Number : 9438Q
Aseana Properties Limited
22 April 2009
Date: 22 April 2009
On behalf of: Aseana Properties Limited ("Aseana" or "the Company")
Embargoed for: 0700hrs
Aseana Properties Limited
Share Buy-Back
Aseana Properties Limited today announces that the Board of the Company has resolved to implement a share buy-back scheme of up to 10% of the Company's shares in issue.
-Ends-
Further information, please contact:
Enquiries:
| Aseana Properties Limited | Contactable via Redleaf Communications |
| Redleaf Communications | Tel: 020 7566 6700 |
| Samantha Robbins / Adam Leviton / Kathryn Hurford | Email: aseana@redleafpr.com |
| Fairfax I.S. PLC | Tel: 020 7598 5368 |
| James King / Gillian McCarthy |
Notes to Editors
Ireka Development Management, the Development Manager for Aseana Properties Limited, is a wholly-owned subsidiary of Ireka Corporation Berhad, a company listed on the Bursa Malaysia since 1993, which has over 40 years of experience in construction and property development.
Aseana Properties Limited typically invests in development projects at pre-construction stage, with a primary focus on locations within the major cities of Malaysia and Vietnam.
Investment is made in projects where it is believed there will be a minimum 30% annualised return on equity ("ROE") on investments in Vietnam and a minimum 20% ROE on investments in Malaysia.
No one underlying single asset will account for more than 30% of the gross assets of the Company at the time of investment.
The Directors believe the following factors should provide sustainable growth in the real estate sectors of both Malaysia and Vietnam:
An increasing standard of living and urbanisation driven by a burgeoning young and middle class population
Clear Government role in encouraging participation of private sectors in real estate development, as well as encouraging and promoting land and property ownership
Improving availability of mortgages to encourage property ownership
Favoured Foreign Direct Investment (FDI) destinations driving demand for commercial and industrial properties
This information is provided by RNS
The company news service from the London Stock Exchange
Aseana Prop. (ASPL)