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VinaLand Limited   -  VNL   

Divestment of stake in Project Phu Hoi City

Released 15:22 07-Nov-2017

RNS Number : 7920V
VinaLand Limited
07 November 2017
 

7 November 2017

 

VinaLand Limited (the "Company" or "VNL")

 

Divestment of stake in Project Phu Hoi City

 

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 Project Phu Hoi City, located in Dong Nai province, Vietnam (the "Project"). The Project, acquired by VNL in 2007, is an 84-hectare parcel of land and has received approval for a future residential-township development.

 

VNL has disposed of its entire stake in the Project at a total valuation 2.0% above the 30 September 2017 unaudited net asset value and 3.3% 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.  This transaction has resulted in net proceeds of USD15.8 million which at the time of this announcement have been received in full. 

 

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.

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For enquiries:

Jonathan Viet 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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Divestment of stake in Project Phu Hoi City - RNS