15th Oct 2015 09:37
LONDON (Alliance News) - Aseana Properties Ltd on Thursday said it has yet to receive consent from some of its lenders to distribute funds to shareholders and said its second distribution is therefore likely to be delayed.
The company said some of its lenders have yet to approve the first distribution of USD10.0 million to shareholders, as the company continues to wind up its operations. As a result of the delay to the first distribution, the second payout will not be made in 2015 and will instead be made as early as possible in 2016, Aseana said.
Aseana said it believes lenders have delayed approving the distributions due to the downturn in economic conditions in Malaysia in recent months, which has been hit by low oil and commodities prices and by the depreciation of the Malaysian ringgit. The company said it is continuing to work with the lenders on securing the necessary consents.
Shares in Aseana were untraded on Thursday, having last traded at 0.505 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Aseana Prop.