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VinaLand Limited  -  VNL   

Divestment of the stake in the Dai Phuoc Lotus

Released 16:19 10-Apr-2017

RNS Number : 1092C
VinaLand Limited
10 April 2017
 

10 April 2017
VinaLand Limited (the "Company" or "VNL")

Divestment of the stake in the Dai Phuoc Lotus project

Ho Chi Minh City - VinaLand Limited, the AIM-quoted investment vehicle established to target strategic segments within Vietnam's emerging real estate market, announces that it has divested its entire stake in the Dai Phuoc Lotus project, located in Dong Nai province, Vietnam (the "Project"). The Project consists of a total site area of 198.5ha and was acquired by VNL in 2007. The Project is residential development and is split into 6 zones. It is currently undergoing its first phase of construction and sales in one zone, with a further zone having received Master Plan approval for development.

 

VNL disposed of its entire stake in the Project to a company in the China Fortune Land Development Co., Ltd group for net cash proceeds of approximately USD48.8million, resulting of an IRR of -3.0% to the Company. The total valuation was 11.2% above the 31 December 2016 audited net asset value and 21.8% above the unaudited net asset value at the time of VNL's extraordinary meeting in November 2016, both figures include adjustments for additional investments up to the date of exit.  The proceeds have been fully received at the time of this announcement. 

 

Speaking on the transaction, Managing Director David Blackhall stated, "This disposal is in accordance with the current stated policy to divest projects in a controlled and orderly manner, the proceeds received from this exit in conjunction with those collected from past and future disposals will be used to cover VNL's commitments including operating costs and distributions to shareholders."

More information on the Company is available at www.vnl-fund.com.

Enquiries:

 

Jonathan Viet Luu   

VinaCapital Investment Management Limited

Investor Relations

+84 8 3821 9930

jonathan.luu@vinacapital.com

 

 

Joel Weiden

VinaCapital Investment Management Limited

Communications

+84 8 3821 9930

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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Divestment of the stake in the Dai Phuoc Lotus - RNS