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Successful Divestment of Last Remaining Asset

Released 09:22 31-Jul-2017

RNS Number : 4224M
Vietnam Infrastructure Limited
31 July 2017
 

31 July 2017

 

Vietnam Infrastructure Limited ('the Company' or 'VNI')

Successful Divestment of Last Remaining Asset

Ho Chi Minh City, Vietnam - Vietnam Infrastructure Limited, the AIM-quoted investment vehicle established to target infrastructure and related investments within Vietnam's emerging market, is pleased to announce that the Company has successfully divested 100% of its stake from its last remaining asset, the in-building cellular enhancement systems ("IBS"), to VIBS Pte. Ltd. (a consortium formed by JTOWER Inc. and the South East Asia Growth Fund) and a local investor.

The Company will receive total cash proceeds of approximately USD10.2 million within the next 10 business days. The sale proceeds are at a slight premium to the unaudited net asset value (NAV) of USD9.9 million as at 30 June 2017.

Following the divestment, the Company will make a distribution to shareholders prior to the commencement of the voluntary solvent liquidation process. Further details of the distribution will be released in a separate announcement shortly. The Company will also convene a general meeting to vote on resolutions regarding the commencement of the voluntary solvent liquidation of the Company and cancel the admission of the Company's shares from trading on AIM, all of which the Company intends to conclude by the end of 2017.

VNI Managing Director Tony Hsun stated, "I am very pleased that with the sale of IBS, the Company has successfully completed its divestment strategy. The aggregate net proceeds received from the sales of the private equity assets exceeded the hurdle amount approved by the Company's shareholders."

Enquiries:

Jonathan Luu / Joel Weiden

VinaCapital Investment Management Limited

Investor Relations / Communications

+84 28 3821 9930

Jonathan.luu@vinacapital.com / joel.weiden@vinacapital.com 

 

Philip Secrett

Grant Thornton UK LLP, Nominated Adviser

+44 (0)20 7383 5100

philip.j.secrett@uk.gt.com 

 

David Benda / Hugh Jonathan

Numis Securities Limited, Broker

+44 (0)20 7260 1000

funds@numis.com 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Successful Divestment of Last Remaining Asset - RNS