Business
Withdrawal from acquisition
Withdrawal from acquisition.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n RNS Number : 2623Z Aseana Properties Limited 12 January 2011 \n \n\n12 January 2011 \n \nAseana Properties Limited\n(\"Aseana\" or \"the Company\")\n \nWithdrawal from acquisition of development land in TM Mont' Kiara Commercial Development\n \nAseana Properties Limited (LSE: ASPL), a property developer investing in Malaysia and Vietnam, listed on the Main Market of the London Stock Exchange, announces that it has decided that it will not proceed with the purchase of the development land in Mont' Kiara, Kuala Lumpur, Malaysia (the \"Acquisition\"), due to uncertainty in the timing of completion of the Acquisition. The Company has decided to reallocate the funds set aside for this project into its existing projects. \n \nFurther to its announcement dated 13 August 2007, Aseana was to acquire, for RM10.8 million (US$3.13 million), approximately 54,000 sq ft of development land from United Time Development Sdn. Bhd. (\"UTD\"), a wholly owned subsidiary of Ireka Engineering & Construction Sdn. Bhd., a company in the same group as Aseana's development manager. The Acquisition was conditional on receipt of the necessary approvals from the relevant authorities including a development order from the City Hall of Kuala Lumpur, which to date has not been obtained. UTD had entered into a Sales and Purchase Agreement (\"SPA\") with a third party to acquire the land on behalf of Aseana shortly before its London Stock Exchange listing. Following Aseana's decision not to proceed with the Acquisition, UTD may decide to proceed with the development of the project upon receipt of the above approvals and completion of the SPA.\n \nFor further information: \n \n\n\n\n\nAseana Properties Limited\n\n\nTel: +603 6208 6688\n\n\n\n\nTan May Lee\n \n\n\nEmail: [email protected]\n\n\n\n\n\n\n\n\n\n\n\n\nPanmure Gordon (UK) Limited\n\n\nTel: 020 7459 3600\n\n\n\n\nRichard Gray / Andrew Potts / Tom Nicholson\n \n\n\nEmail: [email protected]\n\n\n\n\n\n\n\n\n\n\n\n\nTavistock Communications\n\n\nTel: 020 7920 3150\n\n\n\n\nJeremy Carey / James Verstringhe\n \n\n\nEmail: [email protected]\n\n\n\n\n\n\n\n\n\n\n\n\n \nNotes to Editors: \n \nLondon-listed Aseana Properties Limited (LSE: ASPL) (\"Aseana\" or \"the Company\"), is a property developer investing in Malaysia and Vie...