ASPL Aseana Properties Limited

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION WILL BE CONSIDERED TO BE IN THE PUBLIC DOMAIN.  

6 November 2024  

Aseana Properties Limited

(the "Company" or "Aseana")

Receipt of Appointment of Receivers and Managers Letter

Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia listed on the main market of the London Stock Exchange, announces that on 5 November 2024, it received notice (the "Notice") that Maybank Investment Bank Berhad ("Maybank"), has appointed KPMG Corporate Restructuring PLT (the "Receiver") as receivers and managers to ICSD Ventures Sdn Bhd ("ICSD"), a wholly owned subsidiary of the Company. The Notice is regarding a debenture dated 10 November 2011 giving the holder thereof a fixed and floating charge over the whole of the undertaking and assets of ICSD.

This follows a demand letter dated 21 October 2024 from Maybank's solicitors, Lee Hishammudin Allen & Gledhill, on the default of the medium-term loan notes amounting to 61 million Malaysian ringgit ("RM") and accrued interest of RM 4.74 million, details of which were announced by the Company on 22 October 2024.

The Company is engaging with the Receiver to ensure the smooth operation of the Sandakan Mall, owned by ICSD, which the Receiver is amenable to at the present time. In the meantime, the Company is consulting with its lending banks to arrange interim financing, with the aim of remedying the receivership of ICSB. In addition, the Company is continuing to explore an equity fundraising which the board anticipates will include an open offer to shareholders, further details of which are set out in the Company's announcement of 31 October 2024.

Further announcements will be made at the appropriate time.

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