Business
AEON at International Hi-Tech Healthcare Park
AEON at International Hi-Tech Healthcare Park.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n \nRNS Number : 2114K Aseana Properties Limited 23 June 2014 \n \n\nAseana Properties Limited\n(\"Aseana\")\n \nAEON Group to enter International Hi-Tech Healthcare Park in Ho Chi Minh City, Vietnam\n \nAseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam listed on the Main Market of the London Stock Exchange, announces that HLSL 3 Limited Liability Company (\"HLSL3\"), its 67% owned subsidiary, has entered into an agreement with AEON Vietnam Co., Ltd. (\"AEON Vietnam\") to develop a retail mall at the International Hi-Tech Healthcare Park (\"IHTHP\") in Ho Chi Minh City, Vietnam. AEON Vietnam is a subsidiary of AEON Co., Ltd. based in Japan, one of world's largest retailing groups with over 16,490 stores across Japan and Asia.\n \nThe transaction involves the disposal of a 4.7 hectares (11 acre) plot of land at IHTHP and the transfer of the development rights to AEON Vietnam. On 21 June 2014, AEON Vietnam was awarded the Investment Certificate by the People's Committee of Ho Chi Minh City for the development, which paves the way for the final administrative step of transferring the land and development rights to AEON Vietnam, which is expected to complete by Q4 2014. AEON Vietnam intends to develop a 74,000 sq m retail mall, which on completion in 2016 will be the focal point of commercial activities for the IHTHP.\n \nThe cash consideration received by HLSL3 from this transaction will be used as working capital and to repay bank borrowings at the IHTHP. The transaction was carried out at Aseana's ascribed market value for the land and upon closing will crystallise approximately 26.7% of Aseana's published Project RNAV of US$32.63 million (as at 31 March 2014). The transaction is part of Aseana's strategy to realise assets and reduce gearing at the Group level.\n \nIn January 2014, Aseana announced the opening of the City International Hospital (\"CIH\") in IHTHP, one of the largest international standard, private hospitals in Ho Chi Minh City. The 320-bed hospital, which is rapidly establishing itself as a leading private hospital of choice in the region, provides services in General Medicine, Obstetrics & Gynaecology, Paediatrics, General Surgery, Gastroenterology, Medical Oncology, Orthopaedics, Otorhinolaryngology, Urolog...