23rd Mar 2020 14:38
(Alliance News) - Aseana Properties Ltd on Monday said the Covid-19 outbreak as well as restrictions imposed by authorities have led to site closures and reduced patient levels.
The Malaysian and Vietnam-focused property development company said its corporate management offices in Kuala Lumpur have been closed. It added that it is in the process of closing its hotels in Kuala Lumpur and Sandakan in east Malaysia, with the closures expected to complete by the end of March.
Restrictions on movement in Sadanka have also hurt business at its shopping mall in Sandankan while the company's hospital in Vietnam has seen the levels of patients fall due to fears they could contract the virus.
Aseana added that travel restrictions and worsened business conditions in Asia have resulted in a slow-down in progress regarding discussions about a sale of assets.
The company said that it is implementing cost-cutting measures and will continue to explore additional cuts to improve liquidity.
The stock was untraded on Monday afternoon in London, last quoted at 0.35 pence each.
By Ife Taiwo; [email protected]
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