Aseana Properties Ltd. sells assets in Vietnam for $95 million

August 26, 2021 | 16:23

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Aseana Properties Ltd. is selling its stakes in two properties in Vietnam to its joint venture partner in a deal worth roughly $95 million.

Aseana Properties Ltd. sells assets in Vietnam for $95 million

Aseana Properties decided to sell two of its properties in Vietnam

Aseana Properties Ltd., a property developer active in Malaysia and Vietnam which is listed on the London Stock Exchange, announced that, following a competitive bidding process, it has signed a binding agreement to sell its interests in both the City International Hospital and the adjacent International Healthcare Park in Ho Chi Minh City to its joint venture partner, the Hoa Lam Corporation.

Following these sales, the company will have no assets in Vietnam and concentrate on realising its remaining four assets in Malaysia.

The gross sales price of the transaction is estimated at around $95 million, and under the terms of the agreement, the buyer will settle all bank debts owed on these two assets. Completion of the transaction is expected to take place over the next few months, subject to approvals from regulatory authorities as required. A further announcement will be made upon completion and the receipt of net proceeds by the company.

In 2019, Aseana Properties already put its stakes in the City International Hospital up for sale, as the hospital has continuously made losses since it commenced business in 2014. The hospital is one of six hospitals developed within the High-tech Healthcare Park initiated by Hoa Lam-Shangri-La Healthcare LLC, a joint venture established by Vietnam’s Hoa Lam Services Co. Ltd. and Singapore’s Shangri-La Healthcare Investment Pte. Ltd. in 2008.

By Thanh Van

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