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On 09 October 2024, Aseana Properties Limited announced that it expects to require up to USD 5 million of working capital by year-end 2024 after reviewing its full-year cash flow. The Company also issued a termination notice to the purchaser of its Sandakan asset as no further progress had been made on the sale process. Aseana stated it continues to market all assets and is exploring various options, including a possible equity issue, to raise working capital.
| Date | 9 Oct 2024 |
| Time | 14:43:52 |
| Category | Miscellaneous |
| ID | 5872H |
9 October 2024
Aseana Properties Limited
("ASEANA" or the "Company")
Working capital and Sandakan sale update
Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia listed on the Main Market of the London Stock Exchange, announces that it has reviewed the full-year cash flow based on updated information. Further investigation continues, but up to USD 5 million of working capital is expected to be required by year-end 2024.
The Company has issued a termination notice to the purchaser of the Sandakan asset as no further progress has been made on the sale process.
The Company continues aggressively marketing all assets (residences and land) while exploring various options to raise working capital including a possible equity issue.
For further information:
Aseana Properties Limited
Thong Kok Cheong [email protected]
Grant Thornton UK LLP
Philip Secrett, Elliot Peters +44 (0)207 383 5100