Aseana Properties Ltd - Malaysia and Vietnam-focused property developer - Secures $1 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 $2 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The case was withdrawn after ICB agreed to transfer 38.8 million shares in Aseana plus its 30% shareholdings in the two joint venture companies that own the RuMa property to Aseana.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 $69.1 million as at June 30 last year to a pro forma NAV of $63.4 million as at the same date, Aseana had said in January.

Current stock price: $0.11

12-month change: down 21%

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