Update on Progress of Divestment of Portfolio

About this update from Aseana Properties Limited

RNS Number : 4071X Aseana Properties Limited 24 November 2017   Aseana Properties Limited ("Aseana" or the "Company")   24 November 2017   Update on Progress of the Divestment of the Portfolio   Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam listed on the Main Market of the London Stock Exchange, announces an update on the progress of divestment of the Company's assets which commenced following the Shareholder vote on 22 June 2015.  As part of that vote, the Company committed to dispose of all of its assets by June 2018 and to propose a discontinuation resolution as an ordinary resolution at its AGM in June 2018.   On 3 July 2017, the Board of Directors released an announcement highlighting the significant progress that had been made in realising assets in an orderly manner and in paying down project debts since the Shareholder vote.  Subsequent to that announcement, the following assets have also been sold:   ·     the final remaining apartment at Tiffani Mont' Kiara has been sold for US$0.95m; ·     6 units at Seni Mont' Kiara for a total consideration of US$3.0m; ·     the divestment of a plot of land of 1.23 hectares (D2) at International Healthcare Park ("IHP") for a total consideration of US$5.47m; and ·     the divestment of a plot of land of 1.19 hectares (D3) at IHP for a total consideration of US$7.73m.   As a result of these asset sales, the associated debt repayments and changes to the valuation of the remaining assets, the Company's Net Assets and Realisable Net Assets as at 30 September 2017 were US$137.63m and US$181.74m respectively.  Outstanding debt was US$79.46m and the cash balance was US$14.51m as at 30 September 2017.    During this period, the sale of The RuMa Hotel and Residences Kuala Lumpur increased to 57% of the total units while construction completion is scheduled for April 2018.    Performance continues to improve and losses narrow at each of the Company's three operating assets, the City International Hospital in Ho Chi Minh City, the Harbour Mall Sandakan and the Four Points Sheraton Sandakan Hotel in East Malaysia.   The Company is in negotiation with a potential buyer of the seafront resort and residential development at Kota Kinaba...

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