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Share Buy-back

29th May 2009 14:46

RNS Number : 0483T
Aseana Properties Limited
29 May 2009
 



Date: 29 May 2009

On behalf of: Aseana Properties Limited ("Aseana" or "the Company")

Immediate Release

Aseana Properties Limited

Share Buy-Back

Aseana Properties Limited (LSE: ASPL), an Asian property developer investing in Malaysia and Vietnam, today announces that the Board of the Company has resolved to implement a share buy-back scheme of up to 4.99% of the Company's shares in issue, which represents the remaining unused buy-back authority granted pursuant to a special resolution passed at the Company's extraordinary general meeting held on 17 October 2008. All shares bought back pursuant to this scheme will be cancelled.

Aseana is listed on the Main List of the London Stock Exchange.

-Ends-

Further information, please contact:

Enquiries:

Redleaf Communications

Tel: 020 7566 6700

Samantha Robbins / Adam Leviton / Kathryn Hurford

Email: aseana@redleafpr.com

Fairfax I.S. PLC

Tel: 020 7598 5368

James King / Gillian McCarthy

Notes to Editors

Ireka Development Management, the Development Manager for Aseana Properties Limited, is a wholly-owned subsidiary of Ireka Corporation Berhad, a company listed on the Bursa Malaysia since 1993, which has over 40 years of experience in construction and property development.
Aseana Properties Limited typically invests in development projects at pre-construction stage, with a primary focus on locations within the major cities of Malaysia and Vietnam.
Investment is made in projects where it is believed there will be a minimum 30% annualised return on equity ("ROE") on investments in Vietnam and a minimum 20% ROE on investments in Malaysia.
No one underlying single asset will account for more than 30% of the gross assets of the Company at the time of investment.
The Directors believe the following factors should provide sustainable growth in the real estate sectors of both Malaysia and Vietnam:

An increasing standard of living and urbanisation driven by a burgeoning young and middle class population

Clear Government role in encouraging participation of private sectors in real estate development, as well as encouraging and promoting land and property ownership

Improving availability of mortgages to encourage property ownership

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 Exchange
 
END
 
 
POSEADSNALFNEFE

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