Aseana Properties Settles Defaulted Notes
Why we think this is neutral
The RNS announcement is about the settlement of a defaulted medium-term note, which does not fall into any of the mandatory news categories that would require a more detailed analysis. While the settlement is a positive development for the company, the news does not have a significant impact on the company's financial performance or outlook.
Key Points
- Settlement of defaulted Silver Sparrow Bhd Medium Term Notes
- ICSD Ventures Sdn Bhd drew down RM39.0 million from an AmBank facility to settle the outstanding notes
- Receivers and managers expected to be discharged by end of July 2025, allowing Aseana to regain full control of ICSD's assets and operations
Summary
The property developer has successfully settled the outstanding defaulted medium-term notes, enabling it to regain full control of its subsidiary's assets and operations.
Aseana Properties Limited (ASPL) has announced that its wholly-owned subsidiary, ICSD Ventures Sdn Bhd, has drawn down RM39.0 million from a facility with AmBank (M) Berhad to fully settle the remaining outstanding sum of the defaulted Silver Sparrow Bhd Medium Term Notes. This will allow the receivers and managers to be discharged, enabling Aseana to regain full control of ICSD's assets and operations.
GENERAL UPDATE