Directorate Change

31 May 2019

Aseana Properties Limited

("Aseana" or "the Company")

Appointment of non-executive Director and CEO

Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam listed on the Main Market of the London Stock Exchange, announces the appointment of Christopher Henry Lovell as a non-executive Director, with effect from 1 June 2019.

Christopher was first appointed as an independent non-executive director of Aseana in March 2007. He retired as a director at the 2018 Annual General meeting as part of the Company's strategy to reduce its ongoing costs and bring the size of the Board in line with the objectives of the realisation process.

Christopher practised as an English Solicitor in Jersey between 1979 and 2008: he was a partner in the law firm Theodore Goddard from 1983 until 1993 when he set up his own practice. In 2000, he was one of the founding partners of Channel House Trustees Limited, a Jersey regulated trust company which was acquired by Capita Group plc in 2005. He was subsequently appointed as a director of Capita's regulated trust company.

Christopher has acted as an independent non-executive director for over 20 years and specialises in property holding groups. He is personally registered with the Jersey Financial Services Commission to act as a non-executive director.

In accordance with obligations under Listing Rules 9.6.13R, Christopher Lovell held the following directorship of a publicly quoted company in the previous 5 years:

·    Christopher Henry Lovell was appointed to the board of Aseana Properties Limited in April 2008 to June 2018.

The Company confirms there are no other disclosures which require to be made in accordance with LR 9.6.13R.

The Company also announces the appointment of Mr. Chan Say Yeong as the Chief Executive Officer of the Company, with effect from 3 June 2019. Say Yeong will not be appointed to the Board of Directors of Aseana at this time. 

Say Yeong brings a wealth of experience from across the fields of banking, property development and investment, as well as real estate finance. After obtaining a Bachelor of Accountancy degree from the National University of Singapore in 1987, Say Yeong served in various banking roles in Singapore, Taiwan and Malaysia. In 2002, he joined Singapore's CapitaLand group, one of Asia's largest real estate companies.

As Managing Director of CapitaLand Malaysia, he was involved in establishing a real estate investment trust (REIT) and private equity property funds for the group. From 2012, he was involved in senior positions in other Malaysian listed entities in both property and banking.

For further information:

Notes to Editors:

London‐listed Aseana Properties Limited (LSE: ASPL) is a property developer investing in Malaysia and Vietnam. 

Ireka Development Management Sdn Bhd ("IDM") is the exclusive Development Manager for Aseana. It is a wholly‐owned subsidiary of Ireka Corporation Berhad, a company listed on the Bursa Malaysia since 1993, which has over 52 years of experience in construction and property development. IDM is responsible for the day‐to‐day management of Aseana's property portfolio and the divestment of existing properties.