News

The Board of Directors of ASB (“Board”) wishes to announce that Langkawi Holiday Villa Sdn Bhd (“LHV” or “Lessee”) has on 28 June 2023 entered into an Agreement to Terminate (“Lease Termination Agreement”) with Pacific Trustees Berhad (“Pacific Trustees”) [Company No.: 199401031319 (317001-A)] (acting as trustee for AmanahRaya Real Estate Investment Trust (“AmanahRaya REIT”)) (“Lessor”) for the mutual termination of the Renewal Lease Agreement (including the Lease and the Renewal Lease Agreement Rights as defined herein) of the 4-star beach resort hotel building with 238 rooms known as “Holiday Villa Beach Resort & Spa Langkawi” (“Hotel”) located on the Property (as defined herein) which is being leased by the Lessee from the Lessor, for a cash compensation sum of RM45 million (“Lessee Compensation Sum“) to be paid to the Lessee subject to the terms and conditions as stipulated in the Lease Termination Agreement (“Proposal”).

Further details of the Proposal are set out in the ensuing sections.

This announcement is dated 28 June 2023.