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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Aseana Prop | AQSE:ASPL.GB | Aquis Stock Exchange | Ordinary Share | JE00B1RZDJ41 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jan 2023 to Jan 2025
TIDMASPL
RNS Number : 5828N
Aseana Properties Limited
26 September 2023
26 September 2023
Aseana Properties Limited
("Aseana", the "Company" or, the "Group")
Half-Year Results for the Six Months Ended 30 June 2023
Aseana Properties Limited (LSE: ASPL), a property developer with investments in Malaysia listed on the Main Market of the London Stock Exchange, announces its unaudited half-year results for the six-month period ended 30 June 2023.
Operational highlights:
-- With the re-opening of the Malaysian borders to foreigners on 1 April 2022, the RuMa Hotel has achieved 58% occupancy in the first six months of 2023 and continues to improve its performance. Losses for the period ending 30 June 2023 were approximately RM 1.6 million due to a slower than expected recovery and costs driven by high inflation since 2022.
-- The RuMa Residences achieved approximately 71% sales to date based on sales completed of the 199 residential units. The Sale & Purchase agreements for the remaining 57 units have been signed and management expects completion by the first half of 2024.
-- In the first half of 2023, the occupancy rate at the Harbour Mall Sandakan was on target at above 95%; its financial performance through 30 June 2023 has exceeded expectations.
-- On 30 June 2023, the Group announced that it had entered into a binding conditional agreement to sell the Sandakan hotel asset and the Harbour Mall Sandakan for a gross consideration of MYR 165 million, completion of the transaction is subject to regulatory approval as required.
-- The Divestment Team has been actively seeking potential purchasers for other assets held by the Group.
Financial highlights:
-- Other Income of US$6.5 million (H1 2022: US$4.0 million)
-- Loss before tax of US$6.1 million (H1 2022: loss of US$12.5 million) which includes a foreign exchange loss of US$5.1 million due to the depreciation of the Malaysian Ringgit, in which much of the Group's assets were denominated in
-- Loss after tax of US$5.9 million (H1 2022: loss of US$12.8 million) -- Total comprehensive loss of US$4.3 million (H1 2022: loss of US$14.5 million)
-- Net asset value of US$69.1 million (31 December 2022 (audited): US$73.2 million) or US$0.35 per share (31 December 2022 (audited): US$0.37 per share)
Commenting on the results, Nick Paris, Chairman of Aseana, said:
The first half results of 2023 reflect the continued challenging market conditions from factors such as the slow recovery from the negative impact of COVID-19 pandemic, the economic impacts from the conflict in Ukraine and monetary tightening across most central banks in the face of inflationary conditions. Although Malaysia re-opened its borders in April 2022, the tourism market faces a weak rebound with arrival numbers down roughly 1/3 compared with pre-pandemic levels. China, an important tourist market for Malaysia, removed its travel restrictions in January, but its arrival number remain weak because of China's economic slowdown and a lack of flight capacity in the early months of the year. The Company continues to focus on improving the operational performance of its assets, increasing their value and actively marketing the assets to potential buyers despite the macro challenges mentioned above and the illiquid nature of the assets.
For further information:
Aseana Properties Limited Tel: +44 7738 470550 Nick Paris (Chairman) Email: nickparis@btinternet.com Grant Thornton UK LLP Tel: 020 7728 2578 Philip J Secrett Email: philip.j.secrett@uk.gt.com
Notes to Editors:
London-listed Aseana Properties Limited (LSE: ASPL) is a property developer with investments in Malaysia and is in the process of divesting its remaining assets.
CHAIRMAN'S STATEMENT
Introduction
I am pleased to report on the results of Aseana Properties Limited and its Group of companies for the six months ended 30 June 2023.
Interim Results for the Half Year ended 30 June 2023
Our interim results in this period continue to reflect the significant impact of the COVID-19 pandemic on our various operating businesses. Our operating revenues continued to decline and despite significant cost cutting initiatives, operating losses and cash outflows have been inevitable due largely to debt service payments. The loss for the period for Aseana for the half year decreased to US$5.9 million (H1 2022: US$12.8 million). As explained in the Financial Highlights, our net cash used in operating activities was US$7.0 million (H1 2022: US$0.4 million), and our cash balance at the end of the period was US$5.8 million (H1 2022: US$8.8 million) after further paydown of debt service. The loss which we are reporting for the six months ended 30 June 2023, has reduced our Net Asset Value per Share from 37 US cents, at 31 December 2022, to 35 US cents (30 June 2022: 40 US cents).
Our Business Focus and Recent Property Divestments
The business focus for the Group is to continue improving the operational performance of our remaining assets in order to preserve our cash balances thereby increasing the value of these assets in conjunction with the ongoing divestment process.
In addition, further sale discussions are underway on some of our remaining assets. Our aim continues to be to seek asset sales in a controlled, orderly and timely manner in order to pay down remaining debts and then return surplus sale proceeds to our shareholders. Due to the current difficult economic environment and the inherent nature of the remaining illiquid assets, the Board will remain open to assessing all options to meet our debt obligations.
Acknowledgements
I would like to take this opportunity to thank my colleagues on the Board and throughout our Group and our external advisors, bankers and service providers for their tireless efforts on behalf of the Group and its Shareholders.
Monica Lai was not re-elected as a Director at the Annual General Meeting of the Company on 30 May. On 25 August, the Board appointed Robert Minty as a Jersey based Director of the Company.
This has been another very challenging period in the corporate life of Aseana but with our recently announced divestments and the continuous efforts to sell the remaining assets, I believe that we are heading into the final stages of the life of the Company.
Thank you.
NICHOLAS JOHN PARIS
Chairman
25 September 2023
PROPERTY PORTFOLIO AS AT 30 JUNE 2023
Hot Features
Premium
Project Type Effective Approximate
Ownership Gross
* Floor Approximate
Area Land Area
(sq m) (sq m)
---------------------------- --------------------- ----------- ------------ ------------
Completed projects
---------------------------- --------------------- ----------- ------------ ------------
The RuMa Hotel and Luxury residential
Residences tower and bespoke
Kuala Lumpur, Malaysia hotel 70.0% 40,000 4,000
---------------------------- --------------------- ----------- ------------ ------------
Retail lots,
Sandakan Harbour Square hotel and retail
Sandakan, Sabah, Malaysia mall 100.0% 126,000 48,000
---------------------------- --------------------- ----------- ------------ ------------
Undeveloped projects
---------------------------- --------------------- ----------- ------------ ------------
Land parcel
approved for
future development
Kota Kinabalu Land and services
Parcel reserve 80.0% N/A 172,900
---------------------------- --------------------- ----------- ------------ ------------
* Shareholding as at 30 June 2023
N/A: Not available/ Not applicable
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2023
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
Notes 30 June 30 June 31 December
2023 2022 2022
Continuing activities US$'000 US$'000 US$'000
Revenue 3 99 - 980
Cost of sales 5 (100) - (640)
---------------------------------- ------ ----------- ----------- -------------
Gross (loss)/profit (1) - 340
Other income 6,505 4,006 10,971
Administrative expenses (566) (1,833) (2,433)
Foreign exchange loss 6 (5,150) (2,703) (1,695)
Loss on disposal of subsidiaries - (3,752) -
Gain on sale of discontinued
operations - - 2,702
Other operating expenses (6,537) (7,524) (26,085)
---------------------------------- ------ ----------- ----------- -------------
Operating loss (5,749) (11,806) (16,200)
----------- ----------- -------------
Finance income 1,091 981 1,970
Finance costs (1,446) (1,718) (3,344)
----------- ----------- -------------
Net finance costs (355) (737) (1,374)
Net loss before taxation (6,104) (12,543) (17,574)
Taxation 7 196 (274) (302)
---------------------------------- ------ ----------- ----------- -------------
Loss for the period/year (5,908) (12,817) (17,876)
---------------------------------- ------ ----------- ----------- -------------
Other comprehensive income/(loss), net of tax
Items that are or may be reclassified subsequently to profit or loss
Foreign currency translation differences for foreign operations 1,623 (1,647) (2,459) ------------------------------------- -------- --------- --------- Total other comprehensive income/(loss) for the period/year 1,623 (1,647) (2,459) ------------------------------------- -------- --------- --------- Total comprehensive loss for the period/year (4,285) (14,464) (20,335) ------------------------------------- -------- --------- --------- Loss attributable to: Equity holders of the parent company (5,459) (11,314) (15,867) Non-controlling interests (449) (1,503) (2,009) ------------------------------- -------- --------- --------- Total (5,908) (12,817) (17,876) ------------------------------- -------- --------- --------- Total comprehensive loss attributable to: Equity holders of the parent company (4,123) (13,145) (18,451) Non-controlling interests (162) (1,319) (1,884) ------------------------------- -------- --------- --------- Total (4,285) (14,464) (20,335) ------------------------------- -------- --------- --------- Loss per share Basic and diluted (US cents) (2.75) (5.69) (7.99) -------------------------------- ------- ------- -------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
Unaudited Unaudited Audited
As at As at As at
Notes 30 June 30 June 31 December
2023 2022 2022
US$'000 US$'000 US$'000
Non-current assets
Property, plant and equipment 151 82 79
Intangible assets 578 578 578
Right of use - - -
Deferred tax assets 4,445 4,707 4,723
------------------------------- ------ ---------- ------------ -------------
Total non-current assets 5,174 5,367 5,380
------------------------------- ------ ---------- ------------ -------------
Current assets
Inventories 124,783 140,344 132,573
Trade and other receivables 12,522 13,252 11,575
Prepayments 368 498 376
Current tax assets 200 476 10
Assets held for sale - - -
Cash and cash equivalents 5,818 8,849 7,259
------------------------------- ------ ---------- ------------ -------------
Total current assets 143,691 163,419 151,793
------------------------------- ------ ---------- ------------ -------------
TOTAL ASSETS 148,865 168,786 157,173
------------------------------- ------ ---------- ------------ -------------
Equity
Share capital 10,601 10,601 10,601
Share premium 208,925 208,925 208,925
Capital redemption reserve 1,899 1,899 1,899
Translation reserve (24,100) (24,683) (25,436)
Accumulated losses (128,240) (117,229) (122,781)
------------------------------- ------ ---------- ------------ -------------
Shareholders' equity 69,085 79,513 73,208
Non-controlling interests (5,566) (3,871) (5,404)
------------------------------- ------ ---------- ------------ -------------
Total equity 63,519 75,642 67,804
------------------------------- ------ ---------- ------------ -------------
Non-current liabilities
Trade and other payables 34,292 36,246 36,440
Total non-current liabilities 34,292 36,246 36,440
------------------------------- ------ ---------- ------------ -------------
Current liabilities
Trade and other payables 18,877 22,986 18,089
Amount due to non-controlling
interests 1,860 1,169 1,981
Loans and borrowings 9 1,507 1,589 1,595
Medium term notes 10 28,810 31,154 31,264
Total current liabilities 51,054 56,898 52,929
------------------------------- ------ ---------- ------------ -------------
Total liabilities 85,346 93,144 89,369
------------------------------- ------ ---------- ------------ -------------
TOTAL EQUITY AND LIABILITIES 148,865 168,786 157,173
------------------------------- ------ ---------- ------------ -------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2023 - UNAUDITED
Total
Equity
Attributable
to Equity
Redeemable Capital Holders Non-
Ordinary Management Share Redemption Translation Accumulated of the Controlling Total
Shares Shares Premium Reserve Reserve Losses Parent Interests Equity
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------------- ----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
At 1 January
2023 10,601 - 208,925 1,899 (25,436) (122,781) (73,208) (5,404) (67,804)
----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
Loss for the
period - - - - - (5,459) (5,459) (449) (5,908)
Total other
comprehensive
loss - - - - 1,336 - 1,336 287 1,623
----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
Total
comprehensive
loss - - - - 1,336 (5,459) (4,123) (162) (4,285)
Disposal of
subsidiaries - - - - - - - - -
--------------- ----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
Shareholders'
equity at
30 June 2023 10,601 -# 208,925 1,899 (24,100) (128,240) 69,085 (5,566) 63,519
=============== =========== =========== ======== =========== ============ ============ ============= ============ =========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONT'D)
FOR THE SIX MONTHSED 30 JUNE 2022 - UNAUDITED
Total
Equity
Attributable
to Equity
Redeemable Capital Holders Non-
Ordinary Management Share Redemption Translation Accumulated of the Controlling Total
Shares Shares Premium Reserve Reserve Losses Parent Interests Equity
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------------- ----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
At 1 January
2022 as
originally
presented 10,601 - 208,925 1,899 (22,852) (105,915) 92,658 (1,678) 90,980
----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
Correction or
error (net
of tax) - - - - - (999) (999) (968) (1,967)
----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
As at 1
January 2022
(restated) 10,601 -# 208,925 1,899 (22,852) (106,914) 91,659 (2,646) 89,013
----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
Loss for the
period - - - - - (11,314) (11,314) (1,503) (12,817)
Total other
comprehensive
loss - - - - (1,831) - (1,831) 184 (1,647)
----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
Total
comprehensive
loss - - - - (1,831) (11,314) (13,145) (1,319) (14,464)
Disposal of
subsidiaries - - - - - - - (874) (874)
--------------- ----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
Shareholders'
equity at
30 June 2022 10,601 -# 208,925 1,899 (24,683) (118,228) 78,514 (4,839) 73,675
--------------- ----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
At 30 June
2022 as
originally
presented 10,601 -# 208,925 1,899 (24,683) (117,229) 79,513 (3,871) 75,642
--------------- ----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
Correction or
error (net
of tax) - - - - - (999) (999) (968) (1,967)
--------------- ----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
Shareholders'
equity at
30 June 2022
(restated) 10,601 -# 208,925 1,899 (24,683) (118,228) 78,514 (4,839) 73,675
=============== =========== =========== ======== =========== ============ ============ ============= ============ =========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONT'D)
For the year ended 31 December 2022 - audited
Total
Equity
Attributable
to Equity
Redeemable Capital Holders Non-
Ordinary Management Share Redemption Translation Accumulated of the Controlling Total
Shares Shares Premium Reserve Reserve Losses Parent Interests Equity
Consolidated US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
----------------- ----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
At 1 January
2021 10,601 -# 208,925 1,899 (19,655) (100,433) 101,337 (6,877) 94,460
Correction or
error (net
of tax) - - - - - (727) (727) (312) (1,039)
----------------- ----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
As at the
beginning of
the
financial year
(restated) 10,601 -# 208,925 1,899 (19,655) (101,160) 100,610 (7,189) 93,421
Changes in
ownership
interests
in subsidiaries (341) (341)
Non-controlling
interests
contribution - - - - - - - 8,519 8,519
----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
Loss for the
year (restated
*) - - - - - (5,754) (5,754) (3,248) (9,002)
Total other
comprehensive
loss for the
year - - - - (3,197) - (3,197) (387) (3,584)
----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
Total
comprehensive
loss
for the year
(restated *) - - - - (3,197) (5,754) (10,210) (3,635) (12,586)
Disposal of
subsidiaries - - - - - -
----------------- -----------
As at 31
December 2021/
1 January 2022 10,601 -# 208,925 1,899 (22,852) (106,914) 91,659 (2,646) 89,013
----------------- ----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
As at 31
December 2021 /
1 January 2022
as originally
presented 10,601 -# 208,925 1,899 (22,852) (105,915) 92,658 (1,678) 90,980
Correction or
error (net
of tax) - - - - - (999) (999) (968) (1,967)
----------------- ----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
As at 31
December 2021
/
1 January 2022
(restated
*) 10,601 -# 208,925 1,899 (22,852) (106,914) 91,659 (2,646) 89,013
Loss for the
year - - - - - (15,867) (15,867) (2,009) (17,876)
Total other
comprehensive
loss for the
year - - - - (2,584) - (2,584) 125 (2,459)
----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
Total
comprehensive
loss
for the year - - - - (2,584) (15,867) (18,451) (1,884) (20,335)
Sale of
discontinued
operations - - - - - - - (874) (874)
----------------- ----------- ----------- -------- ----------- ------------ ------------ ------------- ------------ ---------
Shareholders'
equity at
31 December
2022 10,601 -# 208,925 1,899 (25,436) (122,781) 73,208 (5,404) 67,804
================= =========== =========== ======== =========== ============ ============ ============= ============ =========
# Represents 2 management shares at US$0.05 each
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2023
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
US$'000 US$'000 US$'000
Cash Flows from Operating Activities
Loss before taxation (6,104) (12,543) (17,574)
Impairment of amount due from a
related party - - 2,755
Impairment of inventory - - 8,620
Finance income (1,091) (981) (1,970)
Finance costs 1,446 1,718 3,344
Loss on disposal of subsidiaries - 3,752 (2,702)
Unrealised foreign exchange gain/(loss) 5,354 2,650 1,688
Depreciation of property, plant
and equipment and right-of-use asset 12 30 60
Operating (loss)/profit before
changes in working capital (383) (5,374) (5,779)
Changes in working capital:
Decrease/(increase) in inventories 265 1,643 (1,671) (Increase)/decrease in trade and other receivables and prepayments 1,615 (441) 15,985 Increase/(decrease) in trade and other payables (5,648) 5,469 (7,448) ------------------------------------------ ----------- ----------- ------------- Cash generated from/(used in) operations (4,151) 1,297 1,087 Interest paid (2,880) (1,715) (6,034) Tax paid 21 (3) 428 ------------------------------------------ ----------- ----------- ------------- Net cash used in operating activities (7,010) (421) (4,519) ------------------------------------------ ----------- ----------- ------------- Cash Flows (used in)/from Investing Activities Purchase of property, plant and equipment (88) (12) (39) Proceeds from disposal of subsidiaries - 10,045 10,045 Finance income received (371) 981 508 ------------------------------------------ ----------- ----------- ------------- Net cash (used in)/from investing activities (459) 11,014 10,514 ------------------------------------------ ----------- ----------- -------------
CONSOLIDATED STATEMENT OF CASH FLOWS (CONT'D)
FOR THE SIX MONTHSED 30 JUNE 2023
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
June 30 June 31 December
2023 2022 2022
US$'000 US$'000 US$'000
Cash Flows from Financing Activities
Advances (from)/to non-controlling
interests - (697) 129
Repayment of finance lease liabilities - (155) (14)
Repayment of loans and borrowings (611) (9,133) (8,884)
Net cash used in financing activities (611) (9,985) (8,769)
------------------------------------------ ----------- ----------- -------------
Net changes in cash and cash equivalents
during the period/year (8,080) 608 (2,774)
Effect of changes in exchange rates 6,639 1,127 2,919
Cash and cash equivalents at the
beginning of the period/year 7,259 7,114 7,114
------------------------------------------ ----------- ----------- -------------
Cash and cash equivalents at the
end of the period/year (i) 5,818 8,849 7,259
------------------------------------------ ----------- ----------- -------------
(i) Cash and Cash Equivalents
Cash and cash equivalents included in the consolidated statement of cash flows comprise the following consolidated statement of financial position amounts:
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
June 30 June 31 December
2023 2022 2022
US$'000 US$'000 US$'000
Cash and bank balances 3,500 6,405 4,786
Short term bank deposits 2,318 2,444 2,473
----------------------------- ----------- ----------- -------------
5,818 8,849 7,259
Less: Deposits pledged (ii) (2,327) (2,312) (2,473)
----------------------------- ----------- ----------- -------------
Cash and cash equivalents 3,491 6,537 4,786
----------------------------- ----------- ----------- -------------
(ii) Included in short term bank deposits and cash and bank balance is US$ 2,327,000 (31 December 2022: US$ 2,473,000 ; 30 June 2022: US$2,312,000) pledged for loans and borrowings and Medium Term Notes of the Group.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 30 JUNE 2023
1 GENERAL INFORMATION
The principal activities of the Group are the sale of development land and the operation and sale of hotels, and a shopping mall in Malaysia.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION
The interim condensed consolidated financial statements for the six months ended 30 June 2023 have been prepared in accordance with IAS 34, Interim Financial Reporting.
The interim condensed consolidated financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2022 which have been prepared in accordance with IFRS.
Taxes on income in the interim period are accrued using the tax rate that would be applicable to expected total annual earnings.
The interim results have not been audited nor reviewed and do not constitute statutory financial statements.
The preparation of financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.
The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2022 as described in those annual financial statements.
The interim report and financial statements were approved by the Board of Directors on 25 September 2023.
3 SEGMENTAL INFORMATION
Segmental information represents the level at which financial information is reported to the Board of Directors, being the chief operating decision makers as defined in IFRS 8. The Directors determine the operating segments based on reports reviewed and used by their staff for strategic decision making and resource allocations. For management purposes, the Group is organised into project units.
The Group's reportable operating segments are as follows:
(i) Investment Holding Companies - investing activities;
(ii) Ireka Land Sdn. Bhd. - developed Tiffani ("Tiffani") by i-ZEN;
(iii) ICSD Ventures Sdn. Bhd. - owns and operates the Harbour Mall Sandakan ("HMS") and the Sandakan hotel asset ("SHA", formerly Four Points by Sheraton Sandakan Hotel);
(iv) Amatir Resources Sdn. Bhd. - developed the SENI Mont' Kiara ("SENI");
(v) The RuMa Hotel KL Sdn. Bhd. - operates the RuMa Hotel; and
(vi) Urban DNA Sdn. Bhd. - developed and owns the RuMa Hotel and Residences ("The RuMa")
Other non-reportable segments comprise the Group's other development projects. None of these segments meets any of the quantitative thresholds for determining reportable segments in 2023 and 2022.
Information regarding the operations of each reportable segment is included below. The Board of Directors monitors the operating results of each segment for the purpose of performance assessments and making decisions on resource allocation. Performance is based on segment gross profit/(loss) and profit/(loss) before taxation, which the Directors believes are the most relevant in evaluating the results relative to other entities in the industry. Segment assets presented inclusive of inter-segment balances and inter-segment pricing is determined on an arm's length basis.
The Group's revenue generating development projects are located in Malaysia.
3 SEGMENTAL INFORMATION (CONT'D)
Operating Segments ended 30 June 2023 - Unaudited
Investment Ireka The RuMa Urban
Holding Land Sdn. ICSD Ventures Amatir Resources Hotel KL DNA
Companies Bhd. Sdn. Bhd. Sdn. Bhd. Sdn. Bhd. Sdn. Bhd. Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
-------------------- ----------- ----------- -------------- ----------------- ----------- ----------- ---------
Segment
(loss)/profit
before
taxation (129) (968) 40 (2,518) (362) (841) (4,778)
==================== =========== =========== ============== ================= =========== =========== =========
Included in the
measure
of segment
(loss)/profit
are:
Revenue - - - - - 99 99
Cost of sales - - - - - (100) (100)
Revenue from hotel
operations - - - - 5,198 - 5,198
Revenue from mall
operations - - 1,171 - - - 1,171
Expenses from hotel
operations - - (170) - (4,461) - (4,631)
Expenses from mall
operations - - (618) - - - (618) Depreciation of property, plant and equipment - - (7) - (5) - (12) Finance costs - - (484) (102) - (980) (1,566) Finance income 1,001 - 30 179 - 0 1,210 ==================== =========== =========== ============== ================= =========== =========== ========= Segment assets 8,598 59 44,249 1,226 703 85,021 139,856 ==================== =========== =========== ============== ================= =========== =========== ========= Segment liabilities 495 3 1,174 2,765 6,521 43,383 54,341 ==================== =========== =========== ============== ================= =========== =========== ========= 3 SEGMENTAL INFORMATION (CONT'D)
Reconciliation of reportable segment revenues, profit or loss, assets and liabilities and other material items
Profit or loss US$'000
------------------------------------ --------
Total loss for reportable segments (4,778)
Other non-reportable segments (1,327)
Depreciation -
Finance income 120
Finance cost (120)
Others -
Consolidated loss before taxation (6,104)
==================================== ========
Addition
Finance Finance Segment Segment to non-current
US$'000 Revenue Depreciation costs income assets liabilities assets
---------------------- -------- ------------- -------- -------- -------- ------------- ----------------
Total reportable
segment 99 (12) (1,566) 1,210 139,856 54,341 88
Other non-reportable
segments - - 120 (119) 9,009 31,005 --
---------------------- -------- ------------- -------- -------- -------- ------------- ----------------
Consolidated total 99 (12) (1,446) 1,091 148,865 85,346 88
====================== ======== ============= ======== ======== ======== ============= ================
3 SEGMENTAL INFORMATION (CONT'D)
Operating Segments ended 30 June 2022 - Unaudited
Investment Ireka The RuMa Urban
Holding Land Sdn. ICSD Ventures Amatir Resources Hotel KL DNA
Companies Bhd. Sdn. Bhd. Sdn. Bhd. Sdn. Bhd. Sdn. Bhd. Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
-------------------- ----------- ----------- -------------- ----------------- ----------- ----------- ---------
Segment
(loss)/profit
before
taxation (5,348) (7) (219) 187 (3,784) (1,222) (10,393)
==================== =========== =========== ============== ================= =========== =========== =========
Included in the
measure
of segment
(loss)/profit
are:
Revenue - - - - - - -
Cost of sales - - - - - - -
Revenue from hotel
operations - - - - 2,721 - 2,721
Revenue from mall
operations - - 1,084 - - - 1,084
Expenses from hotel
operations - - (127) - (3,136) - (3,263)
Expenses from mall
operations - - (636) - - - (636)
Depreciation of
property,
plant and
equipment - - (4) - (26) - (30)
Finance costs - - (623) (98) - (976) (1,697)
Finance income 682 - 22 255 - - 959
==================== =========== =========== ============== ================= =========== =========== =========
Segment assets 9,647 60 56,175 2,819 891 89,676 159,268
==================== =========== =========== ============== ================= =========== =========== =========
Segment liabilities 418 3 1,599 2,556 5,647 50,266 60,489
==================== =========== =========== ============== ================= =========== =========== =========
3 SEGMENTAL INFORMATION (CONT'D)
Reconciliation of reportable segment revenues, profit or loss, assets and liabilities and other material items
Profit or loss US$'000
------------------------------------ ---------
Total loss for reportable segments (10,393)
Other non-reportable segments (2,107)
Depreciation -
Finance income 22
Finance cost -
Others (65)
Consolidated loss before taxation (12,543)
==================================== =========
Addition
Finance Finance Segment Segment to non-current
US$'000 Revenue Depreciation costs income assets liabilities assets
---------------------- --------- ------------- -------- -------- -------- ------------- ----------------
Total reportable
segment - (30) (1,696) 959 159,268 60,489 12
Other non-reportable
segments - - (22) 22 9,518 32,655 -
---------------------- --------- ------------- -------- -------- -------- ------------- ----------------
Consolidated total - (30) (1,718) 981 168,786 93,144 12
====================== ========= ============= ======== ======== ======== ============= ================
3 SEGMENTAL INFORMATION (CONT'D)
Operating Segments - Year ended 31 December 2022 - Audited
Investment Amatir The RuMa Urban
Holding Ireka Land ICSD Ventures Resources Hotel KL DNA
Companies Sdn. Bhd. Sdn. Bhd. Sdn. Bhd. Sdn. Bhd. Sdn. Bhd. Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
---------------- ---------------- ----------- -------------- ---------------- ----------- ----------- ---------
Segment
(loss)/profit
before
taxation 826 (5) (9,061) (1,789) (1,792) (4,898) (16,719)
================ ================ =========== ============== ================ =========== =========== =========
Included in the
measure
of segment
(loss)/profit
are:
Revenue - - - - - 980 980
Other income
from hotel
operations - - - - 8,169 - 8,169
Other income
from mall
operations - - 2,098 - - - 2,098
Other income
from hospital
operations - - - - - - -
Expenses from
hotel
operations - - (310) - (9,859) - (10,169)
Expenses from
mall
operations - - (1,251) - - - (1,251)
Expenses from
hospital
operations - - - - - - -
Depreciation of
property,
plant and
equipment - - (10) - (50) - (60)
Finance costs - - (1,172) (192) - (1,933) (3,297)
Finance income 1,462 - 47 413 - 1 1,923
================ ================ =========== ============== ================ =========== =========== =========
Segment assets 9,331 60 46,882 704 965 89,571 147,513
================ ================ =========== ============== ================ =========== =========== =========
Segment liabilities 459 3 1,294 2,511 6,758 45,205 56,230 ================ ================ =========== ============== ================ =========== =========== ========= 3 SEGMENTAL INFORMATION (CONT'D)
Reconciliation of reportable segment revenues, profit or loss, assets and liabilities and other material items
Profit or loss US$'000
------------------------------------ ---------
Total loss for reportable segments (16,719)
Other non-reportable segments (856)
Depreciation 1
Finance income (47)
Finance cost 47
Others -
Consolidated loss before taxation (16,719)
==================================== =========
Addition
Finance Finance Segment Segment to non-current
US$'000 Revenue Depreciation costs income assets liabilities assets
---------------------- -------- ------------- -------- -------- -------- ------------- ----------------
Total reportable
segment 980 (60) (3,297) 1,923 147,513 56,230 39
Other non-reportable
segments - 1 (47) 47 9,660 33,139 -
---------------------- -------- ------------- -------- -------- -------- ------------- ----------------
Consolidated total 980 (59) (3,344) 1,970 157,173 89,369 39
====================== ======== ============= ======== ======== ======== ============= ================
3 SEGMENTAL INFORMATION (CONT'D)
Geographical Information - six months ended 30 June 2023 - Unaudited
Malaysia
US$'000
-------------------- ---------
Revenue 99
Non-current assets 5,174
======================= =========
Geographical Information - six months ended 30 June 2022 - Unaudited
Malaysia
US$'000
-------------------- ---------
Revenue -
Non-current assets 5,367
======================= =========
Geographical Information - year ended 31 December 2022 - Audited
Malaysia
US$'000
-------------------- --- ---------
Revenue - 980
Non-current assets - 5,380
====================== =========
In the financial period/year ended 30 June 202 3 ; 30 June 202 2 ; 31 December 202 2 , no single customer exceeded 10% of the Group's total revenue.
4 SEASONALITY
The Group's business operations were not materially affected by seasonal factors for the period under review.
5 COST OF SALES
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 202 2 202 2
US$'000 US$'000 US$'000
Direct costs attributable
to:
Completed Units 100 - 640
--------------------------- ----------- ----------- -------------
6 FOREIGN EXCHANGE (LOSS)/GAIN
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 202 2 202 2
US$'000 US$'000 US$'000
------------------------------ ----------- ----------- -------------
Foreign exchange gain/(loss)
comprises:
Realised foreign exchange
gain/(loss) 204 (53) (6)
Unrealised foreign exchange
loss (5,354) (2,650) (1,689)
(5,149) (2,703) (1,695)
------------------------------ ----------- ----------- -------------
7 TAXATION
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 202 2 202 2
US$'000 US$'000 US$'000
Current tax (credit)/expense (196) 274 302
Deferred tax expense - - -
------------------------------ ----------- ----------- --------------
Total tax expense/(income)
for the period/year (196) 274 302
------------------------------ ----------- ----------- --------------
7 Taxation (Cont'd)
The numerical reconciliation between the income tax expense and the product of accounting results multiplied by the applicable tax rate is computed as follows:
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 202 2 202 2
US$'000 US$'000 US$'000
------------------------------------ ----------- ----------- -------------
Net loss before taxation (6,104) (12,543) (17,574)
------------------------------------ ----------- ----------- -------------
Income tax at rate of 24% (1,465) (3,010) (4,218)
Add :
Tax effect of expenses not
deductible in determining
taxable profit 1,419 2,486 2,379
Current year losses and other
tax benefits for which no
deferred tax asset was recognised 618 590 3,670
Less :
Tax effect of income not taxable
in determining taxable profit (572) (16) (1,746)
(Under)/over provision in
respect of prior period/year (196) 224 217
------------------------------------ ----------- ----------- -------------
Total tax(credit)/expense
for the period/year (196) 274 302
------------------------------------ ----------- ----------- -------------
The applicable corporate tax rate in Malaysia is 24%.
The Company is treated as a tax resident of Jersey for the purpose of Jersey tax laws and is subject to a tax rate of 0%.
The Company has been registered as an International Services Entity so it does not have to charge or pay local Goods and Services Tax. The cost for this registration is GBP300 per annum.
8 LOSS PER SHARE
Basic and diluted loss per ordinary share
The calculation of basic and diluted loss per ordinary share for the period/year ended was based on the loss attributable to equity holders of the parent and a weighted average number of ordinary shares outstanding, calculated as below:
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 202 2 202 2
Loss attributable to equity
holders of the parent ( US$'000) (5,459) (11,314) (15,867)
Weighted average number of
shares 198,691,000 198,691,000 198,691,000
----------------------------------- ------------------- ------------------- -----------------
Loss per share
Basic and diluted (US cents) (2.75) (5.69) (7.99)
----------------------------------- ------------------- ------------------- -----------------
9 LOANS AND BORROWINGS
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2023 2022 2022
US$'000 US$'000 US$'000
Current
Bank loans 1,507 1,589 1,595
Finance lease liabilities - - -
--------------------------- ---------- ---------- -------------
1,507 1,589 1,595
--------------------------- ---------- ---------- -------------
The effective interest rates on the bank loans and finance lease arrangement for the period is 12% (30 June 2022: 12%; 31 December 202 2 : 12%) per annum respectively.
Borrowings are denominated in Malaysian Ringgit.
Bank loans are secured by land held for property development, work-in-progress, operating assets of the Group, pledged deposits and some by the corporate guarantee of the Company.
9 LOANS AND BORROWINGS (CONT'D)
Reconciliation of movement of loans and borrowings to cash flows arising from financing activities:
As at 1 Foreign As at 30
January Drawdown Repayment exchange June
2023 of loan of loan movements 2023
Unaudited US$'000 US$'000 US$'000 US$'000 US$'000
------------ --------- --------- ---------- ----------- ---------
Bank loans 1,595 - - (88) 1,507
========= ========= ========== =========== =========
As at 1 Foreign As at 30
January Drawdown Repayment exchange June
2022 of loan of loan movements 2022
Unaudited US$'000 US$'000 US$'000 US$'000 US$'000
------------ --------- --------- ---------- ----------- ---------
Bank loans 1,681 - - (92) 1,589
========= ========= ========== =========== =========
As at 1 Foreign As at 31
January Drawdown Repayment exchange December
202 2 of loan of loan movements 202 2
Audited US$'000 US$'000 US$'000 US$'000 US$'000
------------ --------- --------- ---------- ----------- ----------
Bank loans 1,681 - - (86) 1,595
========= ========= ========== =========== ==========
As at 1 Repayment Foreign As at 30
January of lease Interest exchange June
2023 payment expenses movements 2023
Unaudited US$'000 US$'000 US$'000 US$'000 US$'000
------------------ --------- ---------- ---------- ----------- ---------
Lease Liabilities - - - - -
========= ========== ========== =========== =========
As at 1 Repayment Foreign As at 30
January of lease Interest exchange June
202 2 payment expenses movements 2022
Unaudited US$'000 US$'000 US$'000 US$'000 US$'000
------------------- --------- ---------- ---------- ----------- ---------
Lease Liabilities 14 (13) - (1) -
========= ========== ========== =========== =========
As at 1 Repayment Foreign As at 31
January of lease Interest exchange December
2022 payment expenses movements 2022
Audited US$'000 US$'000 US$'000 US$'000 US$'000
------------------- --------- ---------- ---------- ----------- ----------
Lease Liabilities 14 (13) - (1) -
========= ========== ========== =========== ==========
10 MEDIUM TERM NOTES
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2023 2022 2022
US$'000 US$'000 US$'000
------------------------------- ---------- ---------- ------------
Outstanding medium term notes 28,810 31,154 31,264
Net transaction costs - - -
Less:
Repayment due within twelve
months* (28,810) (31,154) (31,264)
------------------------------- ---------- ---------- ------------
Repayment due after twelve - -
months -
------------------------------- ---------- ---------- ------------
* Nil net transaction costs in relation to medium term notes due within twelve months. (30 June 2022: Nil; 31 December 2022: Nil)
Reconciliation of movement of medium term notes to cash flows arising from financing activities:
As at 1 Foreign As at 30
January Drawdown Repayment exchange June
2023 of loan of loan movements 2023
Unaudited US$'000 US$'000 US$'000 US$'000 US$'000
--------------- --------- --------- ---------- ----------- ---------
Medium Term
Notes 31,264 - (611) (1,843) 28,810
========= ========= ========== =========== =========
As at 1 Foreign As at 30
January Drawdown Repayment exchange June
2022 of loan of loan movements 2022
Unaudited US$'000 US$'000 US$'000 US$'000 US$'000
--------------- --------- --------- ---------- ----------- ---------
Medium Term
Notes 42,316 - (9,133) (2,029) 31,154
========= ========= ========== =========== =========
As at 1 Foreign As at 31
January Drawdown Repayment exchange December
2022 of loan of loan movements 2022
Audited US$'000 US$'000 US$'000 US$'000 US$'000
--------------- --------- --------- ---------- ----------- ----------
Medium Term
Notes 42,316 - (8,884) (2,168) 31,264
========= ========= ========== =========== ==========
10 MEDIUM TERM NOTES (CONT'D)
The medium term notes ("MTNs") were issued pursuant to a programme with a tenor of ten (10) years from the first issue date of the notes. The MTNs were issued by a subsidiary, to fund two development projects known as Sandakan Harbour Square and Aloft Kuala Lumpur Sentral ("AKLS") in Malaysia.
Following the completion of the sale of the AKLS by the Group in 2016, the net adjusted price value for the sale of AKLS, which included the sale of the entire issued share capital of ASPL M3B Limited and Iringan Flora Sdn. Bhd. (the "Aloft Companies") were used to redeem the MTN Series 2 and Series 3. Following the completion of the disposal of AKLS, US$96.25 million (RM394.0 million) of MTN associated with the AKLS (Series 3) and the former Four Points Sheraton Sandakan (Series 2) were repaid on 19 August 2016. The charge in relation to AKLS was also discharged following the completion of the disposal.
The Group completed the "roll-over" for the remaining MTNs of US$24.43 million which was due on 10 December 2020, 2021.
A repayment of US$8.89 million (RM39.0 million) was made on 7 April 2022. Subsequently, the remaining MTNs were further "rolled over" and now repayable on 8 December 2023. The MTNs are rated AAA.
Nil repayment was made in the current financial period.
The weighted average interest rate of the MTN was 5.50% per annum at the statement of financial position date. The effective interest rates of the MTN and their outstanding amounts are as follows:
Interest rate
Maturity Dates % per annum US$'000
--------------------- ----------------- -------------- --------
Series 1 Tranche FG 8 December 2023 5.50 7,503
Series 1 Tranche BG 8 December 2023 5.50 5,573
13,076
--------------------------------------- -------------- --------
10 MEDIUM TERM NOTES (CONT'D)
The medium term notes are secured by way of:
(i) bank guarantee from two financial institutions in respect of the BG Tranches;
(ii) financial guarantee insurance policy from Bank Pembangunan Malaysia Berhad ("BPMB", formerly Danajamin Nasional Berhad) in respect to the FG Tranches;
(iii) a first fixed and floating charge over the present and future assets and properties of Silver Sparrow Berhad and ICSD Ventures Sdn. Bhd. by way of a debenture;
(iv) a third party first legal fixed charge over ICSD Ventures Sdn. Bhd.'s assets and
land;
(v) a corporate guarantee by the Company;
(vi) letter of undertaking from the Company to provide financial and other forms of support to ICSD Ventures Sdn. Bhd. to finance any cost overruns associated with the development of the Sandakan Harbour Square;
(vii) assignment of all its present and future rights, interest and benefits under the ICSD Ventures Sdn. Bhd.'s Put Option Agreements in favour of BPMB, Malayan Banking Berhad and OCBC Bank (Malaysia) Berhad (collectively as "the guarantors") where once exercised, the sale and purchase of HMS and SHA shall take place in accordance with the provision of the Put Option Agreement; and the proceeds from HMS and SHA will be utilised to repay the MTNs;
(viii) assignment over the disbursement account, revenue account, operating account, sale proceed account, debt service reserve account and sinking fund account of Silver Sparrow Berhad; revenue account of ICSD Venture Sdn. Bhd;
(ix) assignment of all ICSD Ventures Sdn. Bhd's present and future rights, title, interest and benefits in and under the insurance policies; and
(x) a first legal charge over all the shares of Silver Sparrow Berhad, ICSD Ventures Sdn. Bhd. and any dividends, distributions and entitlements.
Potensi Angkasa Sdn Bhd ("PASB"), a subsidiary incorporated on 25 February 2019, has secured a commercial paper and/or medium term notes programme not exceeding US$21.02 mil (RM90.0 million) ("CP/MTN Programme") to fund a project known as The RuMa Hotel and Residences. PASB may, from time to time, issue commercial paper and/or medium term notes ("Notes") whereby the nominal value of outstanding Notes shall not exceed US$21.02 million (RM90.0 million) at any one time.
10 MEDIUM TERM NOTES (CONT'D)
The details of the drawdown schedule were as follows:
Initial Issue First Roll-over Second Roll-over Third Roll-over Fourth Roll-over
--------------------------- ------------------------- ------------------------- ------------------------- -------------------------
Tranche RM Tranche RM Tranche RM Tranche RM Tranche RM
Number Date ('000) Number Date ('000) Number Date ('000) Number Date ('000) Number Date ('000)
--------- ------ -------- -------- ----- -------- -------- ----- -------- -------- ----- -------- -------- ----- --------
10 10 10 14
Tranche Jun Tranche Jun Tranche Jun Tranche Feb
1-23 2019 22,850 63-83 2020 20,950 124-142 2021 19,050 203-218 2023 16,200
30 30 1 3 3
Tranche Sep Tranche Sep Tranche Oct Tranche Oct Tranche Apr
24-31 2019 9,600 84-91 2020 9,600 143-147 2021 4,750 180-184 2022 4,750 232-236 2023 4,750
7 8 10 11
Tranche 7 Oct Tranche Oct Tranche Oct Tranche Oct Tranche Apr
32-49 2019 17,100 92-109 2020 17,100 148-165 2021 17,100 185-202 2022 17,100 237-254 2023 17,100
25 25 28 1
Tranche Feb Tranche Feb Tranche Feb Tranche Mar
50-62 2020 15,350 110-122 2021 15,350 166-178 2022 15,350 219-231 2023 15,350
10 12
Tranche 9 Jun Tranche Jun Tranche Jun
123 2021 18,100 179 2022 20,000 255 2023 20,000
--------- ------ -------- -------- ----- -------- -------- ----- -------- -------- ----- -------- -------- ----- --------
The weighted average interest rate of the loan was 10.5% per annum at the statement of financial position date. The effective interest rates of the medium-term notes and their outstanding amounts were as follows:
Interest rate
Maturity Dates % per annum US$'000
----------------- ---------------- -------------- --------
Tranche 203-218 15 Feb 2024 10.0 3,473
Tranche 219-231 1 Mar 2024 10.0 3,290
Tranche 232-236 3 Apr 2024 10.0 4,750
Tranche 237-254 12 Apr 2024 10.0 17,100
Tranche 255 12 Jun 2024 12.0 4,287
15,734
---------------------------------- -------------- --------
10 MEDIUM TERM NOTES (CONT'D)
Security for CP/MTN Programme
(a) A legal charge over the Designated Accounts by the PASB and/or the Security Party (as defined below) (as the case may be) and assignment of the rights, titles, benefits and interests of the PASB and/or the Security Party (as the case may be) thereto and the credit balances therein on a pari passu basis among all Notes, subject to the following:
(b)
(i) In respect of the 75% of the sale proceeds of a Secured Asset ("Net Sale Proceeds") arising from the disposal of a Secured Asset, the Noteholders of the relevant Tranche secured by such Secured Asset shall have the first ranking security over such Net Sale Proceeds;
(ii) In respect of the insurance proceeds from the Secured Assets ("Insurance Proceeds"), the Noteholders of the relevant Tranche secured by such Secured Asset shall have the first ranking security over such Insurance Proceeds;
(iii) In respect of the sale deposits from the Secured Assets ("Sale Deposits"), the Noteholders of the relevant Tranche secured by such Secured Asset shall have the first ranking security over such Sale Deposits;
(iv) In respect of the amount at least equivalent to an amount payable in respect of any coupon payment of that particular Tranche for the next six (6) months to be maintained by the Issuer ("Issuer's DSRA Minimum Required Balance"), the Noteholders of the relevant Tranche shall have the first ranking security over such Issuer's DSRA Minimum Required Balance;
(v) In respect of the proceeds from the Collection Account ("CA Proceeds"), the Noteholders of the relevant Tranche shall have the first ranking security over such CA Proceeds; and
(vi) In respect of any amount deposited by the Guarantor which are earmarked for the purposes of an early redemption of a particular Tranche of the Notes and/or principal payment of a particular Tranche of the Notes ("Deposited Amount"), the Noteholders of the relevant Tranche shall have the first ranking security over such Deposited Amount;
(c) An irrevocable and unconditional guarantee provided by the Urban DNA Sdn Bhd for all payments due and payable under the CP/MTN Programme ("Guarantee"); and
(d) Any other security deemed appropriate and mutually agreed between the PASB and the Principal Adviser/Lead Arranger ("PA/LA"), the latter being Kenanga Investment Bank Berhad.
(i)
10 MEDIUM TERM NOTES (CONT'D)
Security for each medium term note:
Each Tranche shall be secured by assets ("Secured Assets") to be identified prior to the issue date of the respective Tranche.
Such Secured Assets may be provided by third party(ies), (which, together with the Guarantor, shall collectively be referred to as "Security Parties" and each a "Security Party") and/or by the PASB. Subject always to final identification of the Secured Asset prior to the issue date of the respective Tranche, the security for any particular Tranche may include but not limited to the following:
(a) Legal assignment and/or charge by the PASB and/or the Security Party (as the case may be) of the Secured Assets;
(b) An assignment over all the rights, titles, benefits and interests of the PASB and/or the Security Party (as the case may be) under all the sale and purchase agreements executed by end-purchasers and any subsequent sale and purchase agreement to be executed in the future by end-purchaser (if any), in relation to the Secured Assets;
(c) A letter of undertaking from Aseana Properties Limited to, amongst others, purchase the Secured Assets ("Letter of Undertaking"); and/or
(d) Any other security deemed appropriate and mutually agreed between the Issuer and the PA/LA and/or Lead Manager prior to the issuance of the relevant Tranche.
The security for each Tranche is referred to as "Tranche Security".
11 RELATED PARTY TRANSACTIONS
Transactions between the Group with Ireka Corporation Berhad ("ICB") and its group of companies are classified as related party transactions based on ICB's 23.07% shareholding in the Company.
Related parties also include key management personnel defined as those persons having authority and responsibility for planning, directing and controlling the activities of the Group either directly or indirectly. The key management personnel include all the Directors of the Group, and certain members of senior management of the Group.
11 RELATED PARTY TRANSACTIONS (CONTINUED)
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
US$'000 US$'000 US$'000
---------------------------------- ----------- ----------- -------------
ICB Group of Companies
Accrued interest on shareholders
advance payable by ICB 1,001 682 1,462
Accrued interest on a contract
payment by an ICB subsidiary - 66 131
Key management personnel
Fees and short-term employee
benefits 262 1,027 565
---------------------------------- ----------- ----------- -------------
Transactions between the Group and other significant related parties are as follows:
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
US$'000 US$'000 US$'000
--------------------------------- ----------- ----------- -------------
Non-controlling interests
Advances - non-interest bearing - (697) 129
--------------------------------- ----------- ----------- -------------
The outstanding amounts due from/(to) ICB and its group of companies as at 30 June 2022, 30 June 2021 and 31 December 2021 are as follows:
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2023 2022 2022
US$'000 US$'000 US$'000
------------------------------ ---------- ---------- ------------
Net amount due from an ICB 1,960
subsidiary - -
Net amount due from ICB 5,713 3,771 5,461
------------------------------ ---------- ---------- ------------
11 RELATED PARTY TRANSACTIONS (CONTINUED)
On 29 July 2022, ICB announced that it had submitted an application for Judicial Management for its subsidiary, Ireka Engineering & Construction Sdn Bhd ("IECSB"), from which the Group recognizes a net amount due. No further information is available at the time of this report, the Group will be monitoring the situation closely including assessing the potential impact to the Group's financial position and performance.
The outstanding amounts due from/(to) the other significant related parties as at 30 June 2022, 30 June 2021 and 31 December 2021 are as follows:
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2023 2022 2022
US$'000 US$'000 US$'000
--------------------------------- ---------- ---------- ------------
Non-controlling interests
Advances - non-interest bearing (1,063) (1,169) (1,981)
--------------------------------- ---------- ---------- ------------
Transactions between the parent company and its subsidiaries are eliminated in these consolidated financial statements.
12 DIVIDENDS
The Company has not paid or declared any dividends during the financial period ended 30 June 202 3 .
13 INTERIM STATEMENT
Copies of this interim statement are available on the Company's website www.aseanaproperties.com or from the Company's registered office at Osprey House, Old Street, St Helier, Jersey JE2 3RG, Channel Islands.
PRINCIPAL RISKS AND UNCERTAINTIES
The Board has overall responsibility for risk management and internal control. The following have been identified previously as the areas of principal risk and uncertainty facing the Company, and they remain relevant in the second half of the year.
-- Economic -- Strategic -- Regulatory -- Law and regulations -- Tax regimes -- Management and control -- Operational -- Financial -- Going concern
For greater detail, please refer to page 17 of the Company's Annual Report for 2022, a copy of which is available on the Company's website www.aseanaproperties.com .
RESPONSIBILITY STATEMENT
The Directors of the Company confirm that to the best of their knowledge that:
a) The condensed consolidated financial statements have been prepared in accordance with IAS 34 (Interim Financial Reporting);
b) The interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
c) The interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related party transactions and changes therein).
On behalf of the Board
NICHOLAS JOHN PARIS
Chairman
25 September 2023
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END
IR NKPBDABKDCCB
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September 26, 2023 02:00 ET (06:00 GMT)
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