Aseana Properties Ltd - Malaysia and Vietnam-focused property developer - Withdraws legal action that it was taking in the Malaysian Courts against Ireka Corporation Berhad, the parent company of its former development manager, for non-payment of various debts. Case withdrawn after ICB agreed to transfer 38.8 million shares in Aseana plus its 30% shareholdings in the two joint venture companies that own The RuMa Hotel & Residences in Kuala Lumpur to Aseana. Estimates impact of the settlement would be to decrease the net asset value from $69.1 million as at June 30 2023, to a pro forma unaudited NAV of $63.4 million as at the same date.
Current stock price: 0.10 pence
12-month change: down 29%
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