22nd Mar 2019 10:38
LONDON (Alliance News) - Aseana Properties Ltd on Friday said that its current development manager, Ireka Development Management Sdn Bhd, decided to terminate its management agreement.
Ireka is responsible for the day-to-day management, enhancement and divestment of the property developer's portfolio, as well as being a subsidiary of Ireka Corp Berhad the owner of a 23.07% interest in Aseana.
The decision to resign from the development manager role is to avoid "any perception of conflict between Ireka's role and Ireka Corp's position as a substantial shareholder of Aseana", the company explained.
Aseana's board will now look to either appoint a new development manager or senior executives to oversee its operations.
Aseana shares were untraded at 0.54 pence each on Friday.
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