Aseana Properties Ltd - Malaysia and Vietnam-focused property developer - Secures USD1 million in total in working capital from three loan agreements, two of which are with directors and associates. The loans run for one year and pay 15% annual interest. They are secured by Aseana's RuMa Hotel & Residence in Kuala Lumpur. Back in January, Aseana had said it was seeking up to USD2 million in short-term finance. This was after it withdrew legal action that it was taking in Malaysian courts against Ireka Corp Bhd, the parent company of its former development manager, for non-payment of various debts.

The case was withdrawn after ICB agreed to transfer 38.8 million shares in Aseana plus its 30% shareholdings in the two joint venture companies that own the RuMa property to Aseana. The impact of the settlement will be to decrease net asset value from USD69.1 million as at June 30 last year to a pro forma NAV of USD63.4 million as at the same date, Aseana had said in January.

Current stock price: USD0.11

12-month change: down 21%

By Tom Waite, Alliance News editor

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