22 October 2024
Aseana Properties Limited
("ASEANA" or the "Company")
MTN update
The Board of Directors of Aseana Properties Limited received a demand letter dated 21 October 2024 from the Solicitors Lee Hishammuddin Allen & Gledhill on the payment of the medium term note ("MTN") amounting to RM 61 million plus accrued interest of RM 4.74 million.
In 2011, Silver Sparrow, a 100% subsidiary of Aseana Properties, established a RM 515 million guaranteed MTN programme, guaranteed by OCBC Bank (Malaysia), Malayan Bank Bhd and Bank Pembangunan Malaysia Bhd. Silver Sparrow defaulted on 19/12/2023, and the guaranteed banks passed the loan to the recovery team. The Board will appoint a legal and financial team to discuss the loan restructuring with the bank recovery team.
For further information:
Aseana Properties Limited
Thong Kok Cheong k_c_thong@hotmail.com
Grant Thornton UK LLP
Philip Secrett, Elliot Peters +44 (0)207 383 5100