First Distribution Update

RNS Number : 8709E

Aseana Properties Limited

06 November 2015

 

6 November 2015

Aseana Properties Limited

("Aseana" or the "Company")

First Distribution Update

Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam, listed on the Main Market of the London Stock Exchange, today provides a further update on its planned redemption.

As announced on 15 October 2015, on 27 August 2015 Ireka Development Management Sdn. Bhd. (the "Manager") submitted applications for lenders' consents over a first distribution to Shareholders of US$10 million ("First Distribution") by way of a redemption of shares, which were expected to be granted before the end of September. The Manager has been liaising intensively with the lenders and has already obtained some consents. However, at the time of this announcement, consents from the remaining lenders for the first Distribution are still outstanding.

The Board and the Manager are strongly committed to returning cash to Shareholders and the Board intends to make the First Distribution as soon as possible. As stated in the EGM Circular published on 27 August 2015, the Company may consider other methods of returning cash to Shareholders, if it is in Shareholders' best interests to do so. Should the remaining consents over the First Distribution not be forthcoming in the near future, the Board will consider alternative methods to return cash to shareholders in a timely manner. It is intended that all Shareholders will be treated equally under any distribution.

The Company will provide a further update to Shareholders as soon as there is significant progress or by the first week of December.

For further information:

Aseana Properties Limited	Tel: [phone]
Chan Chee Kian	Email: [e-mail]
N+1 Singer	Tel: [phone]
James Maxwell / Liz Yong (Corporate Finance) Sam Greatrex (Sales)
Tavistock	Tel: [phone]
Jeremy Carey / James Verstringhe	Email: [e-mail]

Notes to Editors:

London-listed Aseana Properties Limited (LSE: ASPL) is a property developer investing in Malaysia and Vietnam.

Ireka Development Management Sdn Bhd ("IDM") is the exclusive Development Manager for Aseana. It is a wholly-owned subsidiary of Ireka Corporation Berhad, a company listed on the Bursa Malaysia since 1993, which has over 45 years of experience in construction and property development. IDM is responsible for the day-to-day management of Aseana's property portfolio and the introduction and facilitation of new investment opportunities.

 

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