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Divestment of Asset

Released 07:00 15-Nov-2016

Divestment of Asset

15 November 2016

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

Divestment of asset

London - VinaCapital Vietnam Opportunity Fund Limited, a London Stock Exchange Main Market traded investment company established to target key growth segments in Vietnam, and managed by VinaCapital Group, announces that its subsidiary has signed a Letter of Undertaking to divest its stake in an asset (the “Asset”) to a newly formed consortium (the “Consortium”). As of 30 June 2016, the audited net asset value of the Asset was USD60 million. VOF expects to sign and close a Share Purchase Agreement (“SPA”) within 21 days.

VOF will receive minimum net proceeds of USD100 million from the sale of the Asset, with USD37 million payable upon the signing and closing of the SPA and the balance payable in two annual instalments.

Given the complexity of the divestment, VinaCapital Group and Don Lam, the CEO and a shareholder of VinaCapital Group, will continue to be involved in the oversight of the Asset, and are expected to participate with a non-controlling interest in the Consortium.  The Board of VOF has considered the sale of the Asset independently and has approved the sale of the Asset to the Consortium.

Managing Director Andy Ho commented, “We are delighted to have reached this agreement and we look forward to redeploying the proceeds into the many new opportunities in this market as well as toward our ongoing share buyback programme.”

Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) prior to its release as part of this announcement.

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

Enquiries:

Jonathan 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 Asset - RNS