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Aseana Properties Ltd on Monday said it signed a supplemental sale and purchase agreement to extend a prior agreement on selling the Sandakan hotel asset and the adjacent Harbour Mall in Malaysia. The Malaysia and Vietnam-focused property developer said the sale proceeds remain unchanged at MYR165 million, around $35 million, but the timeline of payment under the sale and purchase agreement has been extended. Under the agreement date June 30 last year, a deposit of MYR82.5 million was due to be received within 30 days and completion on or before September 30. The current renegotiated payment terms comprise payment of about MYR61 million to redeem the medium-term notes be paid on or before May 6, Aseana Properties said, alongside a balance amount of around MYR104 million due to be received within 45 days of the receipt of the redemption amount. Aseana Properties said the redemption amount will be used to repay what is owed to the guarantor banks who hold the remaining medium-term notes which had been issued to fund the construction of the Sandakan assets. These were due to be repaid on December 8. The banking syndicate that provided these loans had served notice that an event of default was created by the non-payment of the notes, Aseana Properties noted. Shares in Aseana Properties were up 4.4% to $0.12 each in London on Monday afternoon. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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