Aseana Properties Limited Publication of Q3 2018 Corporate Presentation: Amd (8785M)

TIDMASPL

RNS Number : 8785M

Aseana Properties Limited

11 January 2019

11 January 2019

The following replaces the publication of Q3 2018 Corporate Presentation announcement released at 07.01 under RNS number 8545M.

A date has been added to the third paragraph.

The full amended text appears below.

Aseana Properties Limited

("Aseana" or the "Company")

Publication of Q3 2018 Corporate Presentation & Revision of Expected Disposal Schedule

Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam listed on the Main Market of the London Stock Exchange, announces that it has today published its Q3 2018 Corporate Presentation, a copy of which can be obtained from the Company's website at: http://www.aseanaproperties.com/corporatepresentation.htm

As a result of the prevailing market conditions and progress made by the Development Manager in disposing the Company's remaining assets, the Directors have revised the expected disposal schedule as follows:

 
 Name of asset                                  Expected     Revised 
                                                 Disposal    Disposal 
                                                   Date        Date 
 City International Hospital                     Q4 2018     Q2 2019 
 Seafront Resort and Residential Development,    Q4 2018     Q4 2019 
  Kota Kinabalu, Sabah 
 Harbour Mall Sandakan                           Q4 2018     Q3 2019 
 International Healthcare Park                   Q2 2019    Unchanged 
 The RuMa Hotel                                  Q4 2019    Unchanged 
 The RuMa Residences                             Q4 2019    Unchanged 
 Four Points by Sheraton Sandakan Hotel          Q1 2020    Unchanged 
 

City International Hospital ("CIH") - Negotiations with a China-based healthcare group for the acquisition of CIH have been put on hold due to the inability of the buyer to secure necessary funding to complete the acquisition. The previously announced disposal date was established on the basis of a 'letter-of-intent' received from the China-based healthcare group in April 2018. Separately, discussions with a Vietnam-based healthcare group on the acquisition of CIH are continuing, with other preliminary discussions taking place simultaneously.

Seafront Resort and Residential Development - The previously announced disposal date was established on the basis of a non-binding offer, followed by advanced negotiations of contract documents and due-diligence with a China-based buyer. Unfortunately, negotiations have been discontinued with the buyer citing changes in business sentiment following the unprecedented result of the General Election in Malaysia in May 2018. The Manager is in preliminary discussions with other potential buyers.

Harbour Mall Sandakan - Discussions with a potential Malaysian-based buyer were put on hold on the completion of preliminary due diligence process, with the buyer citing challenging market conditions as the key obstacle. The Manager is continuing its engagement with the potential buyer to address its concerns where possible, and is also working on securing interest from other buyers.

Separately, following the completion of construction of The RuMa Hotel & Residences at the end of September 2018, The RuMa Hotel has commenced trading on 30 November 2018. The RuMa Hotel is a 253-room luxury urban hotel located in the Kuala Lumpur City Centre, and is a member of the Leading Hotels of the World (https://www.theruma.com/en/).

For further information:

 
 Aseana Properties Limited                 Tel: [phone] 
 Chan Chee Kian                            Email: [e-mail] 
 
 N+1 Singer                                Tel: [phone] 
 James Maxwell / James Moat (Corporate 
 Finance) 
 Sam Greatrex (Sales) 
 
 Tavistock                                 Tel: [phone] 
 Jeremy Carey / Kirsty Allan               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 51 years of experience in construction and property development. IDM is responsible for the day-to-day management of Aseana's property portfolio and the divestment of existing properties.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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January 11, 2019 04:35 ET (09:35 GMT)