Business
Sale of Stake in Waterside Estates, Vietnam
Sale of Stake in Waterside Estates, Vietnam.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n \nRNS Number : 9526Z Aseana Properties Limited 24 September 2015 \n\nAseana Properties Limited\n(\"Aseana\")\n \nSale of Stake in Waterside Estates, Vietnam\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 ASPL PLB Limited (\"ASPL PLB\"), its 100% owned subsidiary, has entered into an agreement with Nam Long Investment Corporation (\"Nam Long\") and Nam Khang Construction Investment Development Limited Liability Company (\"Nam Khang\") to dispose of its 55 per cent stake in ASPL PLB-Nam Long Limited Liability Company (\"ASPL PLB-Nam Long\") for a total cash consideration of approximately US$9.29 million, including repayment of shareholder loans to ASPL PLB. ASPL PLB-Nam Long, a 55:45 joint venture company between Aseana and Nam Long, is the developer of the Waterside Estates residential project in District 9 in Ho Chi Minh Minh City, Vietnam. Waterside Estates was initially to be developed into 37 villas and 460 apartment units set in a lush green landscape, with the river-front view of the Rach Chiec River.\n \nThe disposal by Aseana is an early divestment of this Project, which was originally planned for Q1 2016. The sale consideration is approximately a 9.3 per cent premium to the latest Project RNAV of US$8.5 million, as at 30 June 2015. Approximately US$1.86 million will be paid to Aseana upon entering into the agreement and the transaction is expected to complete in December 2015. Upon closing of the transaction, Aseana will record a gain of approximately US$0.45 million. The proceeds from this divestment will be applied towards a pool of capital to be returned to the shareholders of Aseana, subject to working capital requirements and consents from financiers of Aseana.\n \nDato' Mohammed Azlan Hashim, Chairman of Aseana, said: \"The disposal of our stake in the Project is in line with the strategy of the Company to realise existing assets and to return capital to shareholders in an orderly manner. We will be announcing the details of Aseana's first capital distribution in due course.\"\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: [email protected]\n\n...