Result of AGM

RNS Number : 2393T

Aseana Properties Limited

02 June 2009

 



Date:             2 June 2009

On behalf of: Aseana Properties Limited ('Aseana' or 'the Company')

Immediate Release

Aseana Properties Limited

Result of AGM

Aseana Properties Limited (LSE: ASPL), a leading Asian property developer on the Official List of the London Stock Exchange, today announces that all resolutions put to Shareholders at the Company's Annual General Meeting, held at 10:00am today, were duly passed.  Further information on the resolutions is available on the Company's website:  http://www.aseanaproperties.com/documents.htm 

-Ends-

Further information, please contact:

Enquiries:

Aseana Properties Ltd	Via Redleaf Communications
Redleaf Communications	Tel: [phone]
Samantha Robbins / Adam Leviton / Kathryn Hurford	Email: [e-mail]
Fairfax I.S. PLC	Tel: [phone]
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

 

END

 

 

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