Aseana Properties Ltd - Malaysia and Vietnam-focused property developer - Says that negotiations for the sale of the Sandakan hotel asset and Harbour Mall Sandakan are ‘ongoing’. Aseana agreed in June to sell the assets for MYR165 million, around $35 million. Says that the medium term notes used to finance the two assets have been paid back by the notes’ bank guarantors, following the creation of an event of default. Aseana failed to pay back the notes on the original agreement date of December 8 and was given an extra thirty-day cure period. Company says the unnamed prospective buyer will submit a bank guarantee ‘in the next few days’, which would cover the outstanding loan.
Current stock price: Untraded Monday, last closed at $0.085 in London on Friday
12-month change: down 39%
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