Business
Sale of non-core asset
Sale of non-core asset.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n Aseana Properties Limited\n14 December 2007\n\nDate: 14 December 2007\nOn behalf of: Aseana Properties Limited ('Aseana' or 'the Company')\n\n\n\nFor immediate release\n\n\n\nAseana Properties Limited\n\n- Sale of non-core asset\n\n\nAseana Properties Limited (LSE: ASPL), an Asian property developer investing in\nMalaysia and Vietnam, today announces that it has completed the transfer of\nshares in Sandakan Harbour Square Sdn Bhd ('SHSSB') owned by ICSD Ventures Sdn\nBhd ('ICSD'), a subsidiary of Aseana at a nominal value of RM10 (US$3) to Ireka\nCorporation Berhad ('Ireka') and Geo Fusion Resources Sdn Bhd on a 60:40 basis.\nSHSSB operates a seafood restaurant in Sandakan Harbour Square.\n\n\n\nSHSSB was excluded from the assets acquired by Aseana at the time of its\nacquisition of ICSD from Ireka.\n\n\n\nAseana's holding in Sandakan Harbour Square development remain unchanged through\n60 per cent ownership in ICSD Ventures Sdn Bhd.\n\n\n\n\n\nEnquiries:\n\n\nAseana Properties Limited Contactable via Redleaf\n\nRedleaf Communications Tel: 020 7822 0200\nAdam Leviton / Samantha Robbins Email: [email protected]\n\nFairfax I.S. PLC Tel: 020 7598 5368\nJames King\n\n\n\n\n\nNotes to Editors\n\n\n\n- Ireka Development Management, the Manager, is a wholly-owned\nsubsidiary of Ireka Corporation Berhad, a company listed on the Bursa Malaysia\nsince 1993, which has 40 years of experience in construction and property\ndevelopment.\n\n\n\n- The Company will typically invest in development projects at the\npre-construction stage, with a primary focus on location within the major cities\nof Malaysia and Vietnam.\n\n\n\n- Investment will be made in projects where it is believed there will\nbe a minimum 30% annualised return on equity ('ROE') on investments in Vietnam\nand a minimum 20% ROE on investments in Malaysia.\n\n\n\n- No one underlying single asset will account for more than 30% of the\ngross assets of the Company at the time of investment.\n\n\n\n- It is the intention that the Net Proceeds of the Placing will be\nfully invested in accordance with the investment policy within 12 months of\nAdmission.\n\n\n\n- The Directors believe the following factors should provide\nsustainable growth in the real estate sectors of both Malaysia and Vietnam:\n\n o An increasing standard of living and urbanisation driven by a\n burgeoning young and...