Business
Divestment Progress, AGM Results & Board Changes
Divestment Progress, AGM Results & Board Changes.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n \nRNS Number : 3058T Aseana Properties Limited 03 July 2018 \n\nAseana Properties Limited \n(\"Aseana\" or the \"Company\")\n \n \nUpdate on Progress of the Divestment of the Portfolio and Results of AGM and Directorship Changes\n \nAseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam listed on the Main Market of the London Stock Exchange, announces an update on the progress of divestment of the Company's assets, which commenced following approval by Shareholders at the Company's AGM on 23 April 2018. \n \nThe Directors have previously highlighted the impact of difficult prevailing property market conditions in both Malaysia and Vietnam on the speed of asset disposals.\n \nDespite a general improvement in sentiment, the Malaysian property market remains soft and is in a period of adjustment following the nation's General Election on 9 May 2018, which resulted in a change of Government formed by a new coalition of political parties. This represents a watershed moment for Malaysia, having been ruled by the same coalition government since it gained independence in 1957. As a result, in the short term, investors, especially overseas investors, are still adopting a \"wait-and-see\" approach over the outlook for the property market.\n \nIn Vietnam, whilst the economy continues to grow at a robust pace with inflation remaining in check, the anti-China protests in June 2018, sparked by designation of special economic zones with long land leases, has created renewed uncertainties among Chinese investors looking to invest in Vietnam.\n \nOn 6 April 2018, the Board of Directors announced proposals regarding the future of the Company which outlined the expected disposal schedule for the Company's remaining assets. Given the current market conditions and progress made by the Development Manager since then, the expected disposal schedule is revised as follows: \n \n\n\n\nName of asset\n\n\nExpected Disposal Date\n\n\nRevised Disposal Date\n\n\n\n\nSENI Mont' Kiara (2 units)\n\n\nQ2 2018\n\n\nQ3 2018\n\n\n\n\nCity International Hospital \n\n\nQ2 2018\n\n\nQ4 2018\n\n\n\n\nSeafront Resort and Residential Development, Kota Kinabalu, Sabah \n\n\nQ2 2018\n\n\nQ4 2018\n\n\n\n\nHarbour Mall Sandakan\n\n\nQ4 2018\n\n\nUnchanged\n\n\n\n\nInternational Hea...