Business
Hotel Management Agreements
Aseana Properties Limited has entered into two hotel management agreements with Ormond Group Sdn. Bhd. for The RuMa Hotel and Residences and Ormond Sandakan, with an estimated total fee of RM7.85 million (approximately £1.4 million) over the initial two-year term, which may be renewed. These agreements are considered material related party transactions due to a common controlling shareholder and are not expected to materially impact the Group's net assets, earnings per share, or gearing for the financial year ending 31 December 2026, with fees structured based on gross operating revenue and profit. Disclaimer*
About this update from Aseana Properties Limited
13 July 2026 Aseana Properties Limited (the "Company" or "Aseana") Hotel Management Agreements for The RuMa Hotel, Kuala Lumpur and Ormond Sandakan Aseana (LSE: ASPL), a property developer in Malaysia listed on the Main Market of the London Stock Exchange, announces that two of its wholly-owned subsidiaries, The RuMa Hotel KL Sdn. Bhd. and ICSD Ventures Sdn. Bhd., have entered into hotel management agreements (collectively referred to as the "HMAs" or "Hotel Management Agreements") with Ormond Group Sdn. Bhd. for the provision of hotel management services in respect of The RuMa Hotel and Residences and Ormond Sandakan (collectively referred to as the "Hotels") respectively (collectively referred to as the "Transactions"). Background of the Parties The Company Aseana is a company incorporated in Jersey and listed on the Main Market of the London Stock Exchange under the ticker symbol "ASPL". The principal activities of the Company and its subsidiaries (collectively referred to as the "Group") are the development of upscale residential and hospitality projects in Malaysia. ICSD Ventures Sdn. Bhd. ("ICSD") ICSD was incorporated in Malaysia on 15 November 2002 under the Companies Act 2016 as a private limited company limited by shares. The principal activities of ICSD are property development. The RuMa Hotel KL Sdn. Bhd. ("TRH") TRH was incorporated in Malaysia on 28 September 2012 under the Companies Act 2016 as a private limited company limited by shares. The principal activities of TRH are hotel operations. Ormond Group Sdn. Bhd. ("OGSB") OGSB was incorporated in Malaysia on 16 November 2018 under the Companies Act 2016 as a private limited company limited by shares. The principal activities of OGSB are investment holding and provision of business management consultancy services. Rationale and Benefits of the HMAs The Board of Directors of Aseana (the "Board") considers both HMAs to be in the best interests of the Company and its shareholders for the following reasons: • Ormond Group's brand portfolio, particularly the Ormond brand, is strategically aligned with ICSD's target segments and objective to deliver design-led, experience-focused hospitality at approachable price points; • The Hotels will benefit from OGSB's strong management expertise, operational 'know-how' and established trai...
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