LONDON - Aseana Properties Limited (LSE: ASPL), a Malaysian property developer, has entered into a subscription agreement to raise approximately $5.45 million before expenses. The agreement, made with Neuchatel Investment Holdings Limited, involves issuing new ordinary shares that will amount to 29.9% of the company's enlarged share capital.
The subscription price is set at $0.08 per share, as per the terms of the agreement dated January 6, 2025. This strategic move aims to bolster the developer's capital and is subject to shareholder approval at a General Meeting scheduled for February 24, 2025, in Kuala Lumpur, Malaysia.
Aseana's notice of the upcoming General Meeting and related Circular, including a Form of Proxy, will be disseminated to shareholders and made accessible on the company's website. The meeting will take place at The RuMa Hotel and Residences in Kuala Lumpur.
This financial maneuver is expected to significantly enhance the company's liquidity and support its ongoing and future property development projects. The subscription agreement aligns with the UK Takeover Code, ensuring a regulated and transparent process.
Investors and shareholders are advised to review the Circular for detailed information on the subscription and the resolutions to be proposed at the General Meeting. This development reflects Aseana Properties Limited's efforts to strengthen its financial position and continue its growth trajectory in the real estate sector.
The information in this article is based on a press release statement from Aseana Properties Limited.
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