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Divestment of stake in Danang Golf Project

Released 07:00 20-May-2016

Divestment of stake in Danang Golf Project

20 May 2016

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

Divestment of stake in Danang Golf 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 is divesting its stake in the Danang Golf Project. The project, acquired in 2006, is situated in Danang on 219.8ha of land and includes a completed 18-hole golf course with related facilities as well as residential dwellings, some of which are currently under construction. The project site also has an approved master plan for future development.

VOF will dispose of its entire stake to An Phu Import Export Investment and Trading Company Limited at a total valuation 2.0% above the 28 February 2016 unaudited net asset value. This transaction will result in net cash proceeds of USD12.2 million to VOF.  At the time of this announcement approximately USD11.0 million of the proceeds have been received, with the remaining proceeds expected to be received by no later than July 2016.

VOF Managing Director Andy Ho said, “Over the past few weeks, we’ve made great strides in reducing our direct investments in real estate and look forward to putting the proceeds to work in those asset classes and sectors where we see greater opportunities for significant growth.

Enquiries:

Jeremy Greenberg
VinaCapital Investment Management Limited
Investor Relations
+84 8 3821 9930
jeremy.greenberg@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 (0)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

Daniel Jason
Peregrine Communications, Public Relations (London)
+44 (0) 20 3040 0872
daniel.jason@peregrinecommunications.com
 


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Divestment of stake in Danang Golf Project - RNS