Business
Completion of the Sale of Aloft KL Sentral Hotel
Completion of the Sale of Aloft KL Sentral Hotel.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n \nRNS Number : 0500C Aseana Properties Limited 23 June 2016 \n\nAseana Properties Limited\n(\"Aseana\" or the \"Company\")\n \n \nCompletion of the Sale of Aloft Kuala Lumpur Sentral Hotel, Malaysia\n \n \nAseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam listed on the Main Market of the London Stock Exchange, announces the completion of the disposal of the Aloft Kuala Lumpur Sentral Hotel (\"Aloft Hotel\") to Prosper Group Holdings Limited (\"Prosper Group\"). On 30 March 2016, the Company announced that it had entered into a conditional agreement with Prosper Group to dispose of the Aloft Hotel at a gross transaction value of RM418.7 million (approx. US$104.2 million). The conditions of this agreement have now been met and the proceeds from the disposal have been fully received by the Company.\n \nThis disposal of one of the key investments in the Company's portfolio represents a significant milestone in the divestment investment policy approved by Shareholders on 22 June 2015, pursuant to which the Company is seeking to realise the Company's assets in a controlled, orderly and timely manner.\n \nAt the current MYR/USD exchange rate of US$1.0:RM4.02, Aseana will record a gain of approximately US$35.8 million on completion of the Disposal. The proceeds from the Disposal will be used to fully repay the Medium Term Notes (\"MTNs\") issued for the Aloft Hotel, and to partly repay the MTNs issued for the Harbour Mall Sandakan and Four Points Sheraton Sandakan Hotel. Upon repayment, the Company's net gearing will be reduced from 1.25 times to 0.54 times, based on audited accounts as at 31/12/2015.\n \nFollowing the completion of this disposal, the Manager and the Company will engage further with the lenders in order to seek consents for the first intended capital distribution of US$10.0 million. Consideration will then be given to make further capital distributions depending on the availability of surplus cash within the Company and the receipt of consents from the lenders. A further announcement will be made when there is clarity on the progress and timeline of obtaining these consents.\n \nFor further information:\n \n\n\n\n\nAseana Properties Limited\n\n\nTel: +603 6411 6388\n\n\n\n\nChan Chee Kian\n\n\nEmail: cheekian.chan@i...