Aseana Properties Limited Extension of Management Agreement & Notice of AGM (7516C)

TIDMASPL

RNS Number : 7516C

Aseana Properties Limited

19 June 2019

19 June 2019

Aseana Properties Limited

("Aseana" or "the Company")

Extension of Management Agreement and Notice of AGM

Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam listed on the Main Market of the London Stock Exchange, announces that Ireka Development Management Sdn Bhd ("IDM"), the current Development Manager of Aseana, will cease to act as the Company's Development Manager on 30 June 2019. This represents an extension to IDM's three months' notice period, as per the announcement made 22 March 2019, and is to ensure a smooth handover following recent appointments.

IDM is a wholly-owned subsidiary of Ireka Corporation Berhad ("ICB") which holds 23.07% of Aseana's issued share capital. IDM previously advised the Board that it decided to vacate its role as Aseana's Development Manager to avoid any perception of conflict between IDM's role as Development manager and ICB's position as a substantial shareholder of Aseana.

In addition, the Board announces that its 2019 Annual Report and Notice of Annual General Meeting have been posted to shareholders earlier today.

Aseana will convene its Annual General Meeting at 12 Castle Street, St. Helier, Jersey, JE2 3RT, Channel Islands on Monday, 8 July 2019 at 10.00 a.m.

The Annual Report and Notice of Annual General Meeting can be obtained on the Company's website at the following links http://www.aseanaproperties.com/annual_reports.htm and http://www.aseanaproperties.com/documents.htm respectively. Both of these documents have also been submitted to the National Storage Mechanism and will shortly be available for public inspection at http://www.morningstar.co.uk/uk/nsm.

For further information:

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

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 52 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.

END

MSCLIFSTRDIALIA

(END) Dow Jones Newswires

June 19, 2019 04:50 ET (08:50 GMT)