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Aseana Properties Limited announced on 8 January 2024 that sale negotiations for the Sandakan hotel asset and Harbour Mall Sandakan are ongoing. Following an Event of Default, Bank Guarantors repaid the holders of Medium Term Notes that financed these assets. A prospective buyer expects to put a bank guarantee in place in the next few days, favouring the Bank Guarantors, to cover the amount of the outstanding loan.
| Date | 8 Jan 2024 |
| Time | 07:00:03 |
| Category | Corporate updates |
| ID | 8658Y |
8 January 2024
Aseana Properties Limited
("ASEANA" or the "Company")
Asset Sale update
Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia listed on the Main Market of the London Stock Exchange, announces that further to the announcement made by the Company on 8 December 2023, sale negotiations for the Sandakan hotel asset and the adjacent Harbour Mall Sandakan (the "Sandakan Assets") are ongoing. Following the Event of Default, the holders of the Medium Term Notes (the "Notes") that were used to finance the Sandakan Assets have been repaid by the banks who guaranteed the Notes (the "Bank Guarantors"). The prospective buyer of the Sandakan Assets is expecting to put a bank guarantee in place in the next few days in favour of the Bank Guarantors that would cover the amount of the outstanding loan. The Company continues to liaise with the Bank Guarantors.
For further information:
Aseana Properties Limited
Nick Paris, Non-Executive Chairman [email protected]
+44 (0)7738 470550
Grant Thornton UK LLP
Philip Secrett +44 (0)207 383 5100