17th Jul 2020 12:55
(Alliance News) - Aseana Properties Ltd on Friday said it has entered into two sale and purchase agreements to sell its remaining two plots of land in Kota Kinabalu, Sabah, Malaysia.
The Malaysian & Vietnamese property developer said it will sell the land to a party related to its former development manager Ireka Development Management for around USD4 million total, which represents a 10% discount to their net asset value as at December 31.
Aseana said it will receive a 20% cash deposit and added that the balance is expected to be received in three months upon completion of the sale.
Shares in Aseana were suspended on Friday afternoon in London. They have been suspended since June due to failure of the company to publish its 2019 results before the deadline.
By Ife Taiwo; [email protected]
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