Business
Restructuring of Management
Restructuring of Management.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n \nRNS Number : 5845X Aseana Properties Limited 30 April 2019 \n\nAseana Properties Limited \n(\"Aseana\" or the \"Company\")\n \n Restructuring of Management and Strengthening of Board\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 the Company will be restructuring the management of the Company and will strengthen the composition of its Board. Following the announcement made by the Company on 22 March 2019 on the termination of the Management Agreement between Ireka Development Management Sdn Bhd (\"IDM\") and the Company, the Board has been deliberating on the various options available to it in managing the executive and administrative functions of Aseana. These options include identifying a replacement for IDM as the development manager, identifying and appointing senior executives to oversee the operations of Aseana, and also identifying and appointing divestment specialists to lead the orderly disposal of the assets. \n \nAfter thorough deliberation of the various options available, the Board considers the internalisation of the management of Aseana as the most practical and expeditious option moving forward. This will involve the hiring of a full-time Chief Executive Officer (\"CEO\"), and a small, but dedicated team to manage the key functions of the Company. The CEO may choose to outsource certain functions of the Company in order to minimise the fixed overheads. During the transition period, IDM will be providing assistance to the CEO to minimise any disruptions to the day-to-day operations of the Company.\n \nThe Board will now commence an active and thorough search for a suitable CEO, and will conduct the necessary interviews and discussions with suitably qualified candidates. The Board considers the ideal CEO candidate to be one with relevant experience in the real estate markets of Malaysia and Vietnam, with a strong track record in management and divestment of real estate assets. Aseana has approximately 87% of its Net Asset Value in Malaysia, and the remaining 13% in Vietnam. The Board will make an announcement on the appointment of the CEO in due course once a suitable candidate has been identified.\n \nGiven the...