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Divestment of stake in DaiPhuc Lotus real estate project

Released 18:08 10-Apr-2017

Divestment of stake in DaiPhuc Lotus real estate project

April 10, 2017
 

VinaCapital Vietnam Opportunity Fund Limited (“the Company” or “VOF”)

Divestment of stake in the Dai Phuc Lotus direct real estate project

Ho Chi Minh City - VinaCapital Vietnam Opportunity Fund Limited, a London Stock Exchange Main Market traded investment company established to target key growth segments in Vietnam, announces that it has divested its entire stake in the Dai Phuc Lotus direct real estate project located in the Dong Nai province near Ho Chi Minh City, Vietnam. The site is a future residential - township development with a total site area of 198.5ha and was acquired with VinaLand Limited (“VNL”) in 2007. The project is currently undergoing its first phase in construction and sales.

VOF, alongside VNL, disposed of its entire stake in the Dai Phuoc Lotus project to CFLD companies at a total valuation of 20.4% above the 31 March 2017 unaudited net asset value. This transaction will result in net cash proceeds of USD16.5 million to the Company. The proceeds have been fully received at the time of this announcement. As a result of the sale, VOF’s holding in direct real estate development projects has been reduced to 5.2% of total NAV as of 31 March 2017.

VOF Managing Director Andy Ho commented, “With the closure of this divestment, VOF’s exposure to direct real estate falls to approximately 5% of total NAV. This is a significant milestone in the Company’s ongoing strategy to reduce direct real estate holdings, and enables VOF to remain opportunistic in areas of the market where we see significant upside, namely privately negotiated deals and OTC investments.”

More information on the Company is available at www.vof-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

David Benda / Hugh Jonathan
Numis Securities Limited, Broker
+44 20 7260 1000
funds@numis.com

Franczeska Hanford / Martin Bourgaize
Northern Trust International Fund Administration Services (Guernsey) Limited, Company Secretary
+44 1481 745001
fk26@ntrs.com / meb16@ntrs.com

Edward Gascoigne-Pees
Camarco, Public Relations (London)
+44 20 3757 4980
ed.gascoigne-pees@camarco.co.uk


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Divestment of stake in DaiPhuc Lotus real estate project - RNS