Refinancing of Defaulted Medium Term Notes

Aseana (LSE: ASPL), a property developer in Malaysia listed on the main market of the London Stock Exchange, is pleased to announce that ICSD Ventures Sdn Bhd ("ICSD"), a wholly owned subsidiary of Aseana, has successfully secured a facility of up to 45.2 million Malaysian ringgit ("RM") from AmBank (M) Berhad (the "New Facility").

The New Facility will be utilised by ICSD to settle the remaining outstanding sum of the defaulted SSB MTN (principal, interest and other related costs) in full (totalling RM39.9 million) and to fund the re-opening of the Sandakan Hotel as well as for general working capital purposes.

As at 31 December 2024, the defaulted SSB MTN, which financed the Company's Sandakan Hotel asset and the Sandakan Harbour Mall owned by ICSD, stood at RM61 million (principal) with weighted average interest rate of 10.26% per annum. Receivers & Managers (the "Receiver") was appointed to ICSD on 5 November 2024 vide a debenture giving the holder thereof a fixed and floating charge over the present and future assets and properties of ICSD (as announced by the Company on 6 November 2024).

Aseana has executed fundraising exercises via the issuance of shares to a strategic shareholder and the disposal of treasury shares in February 2025 and March 2025 respectively, collectively raising c.US$6.5 million for the Company. The net proceeds have been predominantly utilised to partially repay the outstanding amounts due on SSB MTN, reduced the outstanding principal to c.RM37 million.

The New Facility has been put in place on more favourable financing terms than the SSB MTN including at a significantly lower interest rate (anticipated to be below 6% per annum) and up to 10 years of repayment period from the date of first drawdown (inclusive of 12 months grace period).

The New Facility will be subject to security arrangements. This includes AmBank holding a first legal charge over the Sandakan Hotel asset and the Sandakan Harbour Mall as well as a first party debenture by way of a fixed and floating charge over the assets of ICSD.

The New Facility contains standard representations, warranties, covenants and events of default for a loan of its type.

The Board of Aseana expects that the New Facility will be drawn down by ICSD by early July 2025 to settle the remaining outstanding sum of the defaulted SSB MTN in full, following which the Company expects that the Receiver will be discharged, thereby enabling the Company to regain full control of ICSD's assets and operations.

This refinancing reinforces the Company's strategic priorities outlined previously, including to critically raise funds and bank financing for safeguarding ownership of its remaining assets to prevent destruction of value from distressed or forced sale activities, and to enable Aseana to improve on its current financial position.

The Company will provide further details to shareholders updating on the refinancing at the appropriate time.