News

Unless otherwise stated, for consistency purposes, the abbreviations and definitions used throughout this announcement are the same as those previously defined in the Company's announcement on 28 June 2023 in relation to the agreement to terminate the Renewal Lease Agreement by Langkawi Holiday Villa Sdn Bhd, an indirect wholly-owned subsidiary of ASB. 

Further to the Company's announcements dated 28 June 2023 and 5 July 2023 on the Proposal, the Board of Directors of ASB wishes to announce that the Lessee's solicitors have received the Lessor's Solicitors' Notice on 1 September 2023 and accordingly the Lease Termination Agreement has become unconditional on 1 September 2023 ("Unconditional Date"). On the Unconditional Date, the Renewal Lease Agreement (including the Lease and the Renewal Lease Agreement Rights) is effectively terminated in its entirety ("Lease Termination Date").   

Barring any unforeseen circumstances, the Proposal is expected to be completed by end of 2023 as the Lease Termination Agreement provides that the Lessee shall, on any day falling three (3) months after the Lease Termination Date or by 30 September 2023, whichever is later, with an automatic extension of a further period of one (1) month deliver and surrender vacant possession of the Property to the Lessor.

This announcement is dated 1 September 2023.