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Divestment of stake in Project Pham Hun

Released 07:00 03-Jun-2016

Divestment of stake in Project Pham Hun

3 June 2016

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

Divestment of stake in Project Pham Hung

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 Project Pham Hung. The project, acquired by VOF in 2007, is a 2.4 hectare parcel of land located in Hanoi and has planning approval for a future mixed use development.

This transaction will result in net cash proceeds of USD5.4 million to VOF, compared to a carrying value of USD3.4 million as at 31 December 2015. At the time of this announcement USD4.5 million of the proceeds have been received, with the remaining proceeds expected to be received by no later than July 2016.

Managing Director Andy Ho commented, “The momentum continues in our efforts to reduce VOF’s direct real estate holdings, and focus on our pipeline of investment opportunities in other segments of the market, including pre-IPO and privately negotiated deals that focus on sectors which continue to benefit from Vietnam’s growing domestic consumption and rapid urbanisation.”

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

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 Project Pham Hun - RNS