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.  

17 December 2024  

Aseana Properties Limited

(the "Company" or "Aseana")

Extension of Credit Facility Repayment Date

Update on Sandakan Mall receivership and potential fundraise

and

Change of Board Roles

Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia listed on the main market of the London Stock Exchange, announces that OSK Capital Sdn Bhd ("OSK Capital") and Amatir Resources Sdn Bhd ("Amatir"), a wholly owned subsidiary of the Company, have agreed an extension to the repayment date of a 6.5 million Malaysian ringgit ("RM") credit facility provided to Amatir by OSK Capital (the "Credit Facility") and a rescheduling of the principal repayment. The Credit Facility was due for repayment on 30 November 2024, however following the repayment date extension the Credit Facility is now due for repayment in the schedule below.

Pursuant to the extension of the Credit Facility repayment date, Amatir shall also pay a 1% extension fee of RM65,000 to OSK Capital and an additional 2% fee shall be incurred by Amatir if the repayment schedule below is not adhered to.

Update on Sandakan Mall receivership and potential fundraise

Further to the announcement of 6 November 2024, the Company is continuing to engage with KPMG Corporate Restructuring PLT (the "Receiver") to ensure the smooth operation of the Sandakan Mall, owned by ICSD Ventures Sdn Bhd, which the Receiver is amenable to at the present time.  Further updates will be provided by Aseana at the appropriate time.

The Company is continuing to explore an equity fundraising to provide the Company with the necessary capital to repay part of its subsidiaries' borrowings and with additional working capital. However, the board of Aseana now anticipates that this fundraising will no longer be structured as an open offer to shareholders as previously announced.

The Company will provide further details to shareholders updating on the fundraising at the appropriate time.

Change of Board Roles

The Company announces that, with effect from 16 December 2024, Tian Huat Lim will assume the role of Independent Non-Executive Chairman and Dr. Thong Kok Cheong will assume the role of Non-Executive Director.

The Board of Aseana currently comprises Tian Huat Lim (Independent Non-Executive Chairman) and Dr Thong Kok Cheong (Non-Executive Director). The Company is taking steps to identify new directors to strengthen the Board of Aseana.

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