Sandakan asset sale update

Aseana Properties Limited

08 April 2024

 

8 April 2024

Aseana Properties Limited

("ASEANA" or the "Company")

Sandakan asset sale update

Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia listed on the Main Market of the London Stock Exchange, announces that further to an announcement on 8 January 2024, it signed a Supplemental Sale and Purchase Agreement on 6 April 2024 to extend the Sale and Purchase Agreement dated 30 June 2023  (the "SPA") to sell the Sandakan hotel asset and the adjacent Harbour Mall (the "Sandakan Assets").

The sales proceeds of 165m RM remains unchanged.

Under the SPA dated 30 June 2023, a deposit of 82.5m RM was due to be received within 30 days thereafter and completion on or before 30 September 2023. The current renegotiated payment terms comprise payment of about 61m RM (the "Redemption Amount") to redeem the MTN's be paid on or before 6 May 2024 and balance amount of approximately 104m RM is due to be received within 45 days of the receipt of the redemption amount.

The redemption amount will be used to repay the amounts owed to the guarantor banks who hold the remaining Medium Term Notes (the "MTN's") which had been issued to fund the construction of the Sandakan Assets and which were due to be repaid on 8 December 2023. The banking syndicate that provided these loans had served notice that non-payment of the MTN's had created an Event of Default.

For further information:

Aseana Properties Limited

Nick, Paris, Non-Executive Chairman   [e-mail]

                                                                    [phone]

Grant Thornton UK LLP

Philip Secrett                                              [phone]

 

END