30 June 2023

Aseana Properties Limited

("Aseana" or the "Company")

Asset sale

Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia which is listed on the Main Market of the London Stock Exchange, announces that it has today entered into a binding conditional agreement (the "Agreement") to sell the Sandakan hotel asset and the Harbour Mall Sandakan (the "Sandakan Assets").

The total gross sales price of the transaction is MYR 165 million (approximately US$35 million) (the "Consideration") to be satisfied in two tranches.   The first tranche of MYR 82.5 million is payable upon signing of the Agreement or within 30 days of signing the Agreement and will be applied to settle the indebtedness relating to the Sandakan Assets of approximately MYR 61 million (the "Asset Loans").  Any interest that accrues on the Asset Loans between the signing of the Agreement and the payment of the first tranche is payable in addition to the Consideration.  The second tranche of MYR 82.5 million is payable on or before 30 September 2023.  Completion of the transaction is subject to regulatory approval as required.

For further information:

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.