Aseana Properties Ltd on Friday updated shareholders on the sale of the Sandakan hotel and the adjacent Harbour Mall in Malaysia.

Aseana Properties is a Jersey-based property development company focused on Vietnam and Malaysia.

The company said the purchaser has experienced delays, primarily due to the standard banking procedures required for funds being transferred in from offshore.

‘They have been in close communication with their banks to expedite the process and are now confident that the funds needed to repay the outstanding [medium term note] debt of [MYR61 million - about £10.2 million] will be processed shortly,’ Aseana said.

‘The purchaser is committed to proceed with the transaction notwithstanding the delays that have occurred and pay the outstanding debt and the accrued interest associated with the Sandakan Asset sale as a result of the delays.’

Shares in Aseana were untraded in London on Friday, last quoted at $0.085.

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