14th Dec 2007 10:57
Aseana Properties Limited14 December 2007 Date: 14 December 2007On behalf of: Aseana Properties Limited ("Aseana" or "the Company") For immediate release Aseana Properties Limited - Sale of non-core asset Aseana Properties Limited (LSE: ASPL), an Asian property developer investing inMalaysia and Vietnam, today announces that it has completed the transfer ofshares in Sandakan Harbour Square Sdn Bhd ("SHSSB") owned by ICSD Ventures SdnBhd ("ICSD"), a subsidiary of Aseana at a nominal value of RM10 (US$3) to IrekaCorporation Berhad ("Ireka") and Geo Fusion Resources Sdn Bhd on a 60:40 basis.SHSSB operates a seafood restaurant in Sandakan Harbour Square. SHSSB was excluded from the assets acquired by Aseana at the time of itsacquisition of ICSD from Ireka. Aseana's holding in Sandakan Harbour Square development remain unchanged through60 per cent ownership in ICSD Ventures Sdn Bhd. Enquiries: Aseana Properties Limited Contactable via Redleaf Redleaf Communications Tel: 020 7822 0200Adam Leviton / Samantha Robbins Email: [email protected] Fairfax I.S. PLC Tel: 020 7598 5368James King Notes to Editors - Ireka Development Management, the Manager, is a wholly-ownedsubsidiary of Ireka Corporation Berhad, a company listed on the Bursa Malaysiasince 1993, which has 40 years of experience in construction and propertydevelopment. - The Company will typically invest in development projects at thepre-construction stage, with a primary focus on location within the major citiesof Malaysia and Vietnam. - Investment will be made in projects where it is believed there willbe a minimum 30% annualised return on equity ("ROE") on investments in Vietnamand a minimum 20% ROE on investments in Malaysia. - No one underlying single asset will account for more than 30% of thegross assets of the Company at the time of investment. - It is the intention that the Net Proceeds of the Placing will befully invested in accordance with the investment policy within 12 months ofAdmission. - The Directors believe the following factors should providesustainable growth in the real estate sectors of both Malaysia and Vietnam: o An increasing standard of living and urbanisation driven by a burgeoning young and middle class population o Clear Government role in encouraging participation of private sectors in real estate development, as well as encouraging and promoting land and property ownership o Improving availability of mortgages to encourage property ownership o Favoured Foreign Direct Investment (FDI) destinations driving demand for commercial and industrial properties This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Aseana Prop.