Business
Memorandum of Understanding
Memorandum of Understanding.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n RNS Number : 9745D Aseana Properties Limited 11 December 2009 \n \nDate: 11 December 2009\nOn behalf of: Aseana Properties Limited (\"Aseana\" or \"the Company\")\nEmbargoed for: 0900hrs\n\nAseana Properties Limited\n\n\nSigning of MoU to acquire 70% stake of prime city-centre land in Kuala Lumpur \n\n\nTo develop an upscale residential development \n\n\n\nAseana Properties Limited (LSE: ASPL), a leading property developer investing in Malaysia and Vietnam listed on the Official List of the London Stock Exchange, today announces that it has entered into a non-binding Memorandum of Understanding (\"MoU\") in relation to the co-development of a prime development site (the \"Site\") located in the heart of Kuala Lumpur City Centre (\"KLCC\") \n\nThe Site is strategically located on Jalan Kia Peng, where prestigious landmarks such as Grand Hyatt Hotel (under construction), KLCC Convention Centre, Suria KLCC shopping centre, KLCC park and the world famous Petronas Twin Towers sit. With a land area of approximately 43,559 square feet, Aseana and its investment manager, Ireka Development Management Sdn. Bhd. (\"Ireka\"), envisage an upscale residential development on the Site that would appeal to the lifestyle of urban Malaysians and foreign expatriates. \n\nThe owners of the Site have stipulated a commercial condition of only selling the Site to a local Malaysian company and offered the Site to Ireka Corporation Berhad (\"ICB\"), the parent company of Ireka and a major shareholder in Aseana. ICB is listed on Bursa Malaysia. ICB expressed its interest in purchasing the Site and informed Aseana of this intention. As Aseana is unable to purchase the Site directly, ICB subsequently invited Aseana to co-invest and co-develop the Site upon successful ac...