LONDON (Alliance News) - Investment firm Vinaland Ltd Thursday said it had sold its 55.0% stake in the Vung Bau project in Phu Quoc, Vietnam, for USD4.7 million.
The company acquired the share in 2008, but said that due to market conditions it did not go ahead with its originally intended development. It is selling the stake at a valuation 2.9% above its net asset value as at the end of 2014, and 1.6% above its net asset value at the time of its extraordinary general meeting in November 2012, when the strategy to realise its assets was agreed.
"This disposal is the tenth full exit since Vinaland's EGM on 21 November 2012. The company will deploy net proceeds to cover capital commitments and operating costs, with the remaining funds to be deployed towards the share buyback programme," said Managing Director David Blackhall in a statement.
Shares in Vinaland closed down 0.2% at USD0.512.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.