RCS - LIM Advisors Limited - ASPL: LIM Advisors requisitions to add 2 Directors

Aseana PropertiesAnnouncement

13/05/2024 12:45

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RNS Number : 1866O  LIM Advisors Limited  13 May 2024

ASPL: LIM Advisors requisitions to add 2 Directors

We, on behalf of the funds under our management, have today (13 May 2024)
requisitioned the board of directors ("Board") of Aseana Properties Limited
(the "Company") to hold an extraordinary general meeting of shareholders of
the Company as soon as practicable (and in any case not later than 2 months
after the date of the deposit of the requisition) to appoint two additional
directors, Dato' Dr THONG Kok Cheong and Clare Mariam Binti MUHIUDEEN, to the
Board in order to bring fresh eyes and experience to the Board. The Company
has, after several attempts, failed to complete the sale of its assets in
Sandakan, Malaysia, and has defaulted on the Medium Term Notes issued to
finance the development of its Sandakan Assets. It is urgent that the proposed
two new directors join the Board to exercise effective oversight of management
and improve the Company's corporate governance at this critical time.

For more information, please contact below.

 

Enquiries:

LIM Advisors Limited +852-2533-0900

Larry Li (larry.li@limadvisors.com (mailto:larry.li@limadvisors.com) )

George Long (george.long@limadvisors.com (mailto:george.long@limadvisors.com)
)

 

 

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