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LONDON - Aseana Properties Limited (LSE:ASPL), a Malaysian property developer listed on the London Stock Exchange (LON:LSEG), has settled approximately RM39.9 million ($9.5 million) of defaulted medium-term notes through a new bank facility.
The company announced Friday that its wholly owned subsidiary, ICSD Ventures Sdn Bhd, drew down RM39 million from a recently secured RM45.2 million facility with AmBank (M) Berhad to settle the outstanding Silver Sparrow Bhd Medium Term Notes.
According to the company’s statement, the settlement included the principal amount, interest, and other related costs. ICSD Ventures utilized the loan proceeds along with existing cash resources to complete the full payment.
Aseana expects the receivers and managers currently overseeing ICSD Ventures to be discharged by the end of July 2025, which would allow the company to regain full control of the subsidiary’s assets and operations.
The new AmBank facility reportedly offers more favorable terms than the previous notes, including a lower interest rate expected to be below 6% annually and an extended repayment period of up to 10 years, which includes a 12-month grace period.
The company described the settlement as an important milestone that aligns with its previously stated strategic priorities, which include securing financing to maintain ownership of its remaining assets and improve its financial position.
The announcement follows Aseana’s initial disclosure of the AmBank facility on June 24, 2025. The company indicated it would provide shareholders with further updates regarding the discharge of the receivers and managers in due course.
This information is based on a press release statement issued by Aseana Properties Limited.
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