Update on the Demerger Proposal

RNS Number : 5330O

Aseana Properties Limited

10 February 2021

 

10 February 2021

Aseana Properties Limited ("Aseana" or the "Company")

Update on the Demerger Proposal (the "Demerger")

Aseana Properties Limited (LSE: ASPL LN), a property developer in both Malaysia and Vietnam which is listed on the Main Market of the London Stock Exchange, announces that the proposal to demerge approximately 50 per cent of the Company's assets that was announced on 7^th May 2020 can no longer take place as a result of the failure to secure the required approval from the banking syndicates who had lent the funds for the construction of  two of the Company's investments, the hospital in Vietnam and the hotel and shopping mall in Sandakan. The Demerger agreements that were signed by the Company and certain shareholders on 15^th July 2020 have therefore lapsed today.

The Directors will now continue their focus on selling all of the Company's assets including The RuMa Hotel & Residences in Kuala Lumpur and the remaining plot of land in Kota Kinabalu which were set to be demerged.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.

For further information:

Aseana Properties Limited	Tel: [phone]
Nick Paris, Chairman	[e-mail]
Liberum Capital	Tel: [phone]
Gillian Martin / Owen Matthews

 

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