LONDON (Alliance News) - VinaLand Ltd said Friday that it will net USD36.9 million from the sale of its entire stake in the Pavilion Square mixed-use property development project located in Ho Chi Minh City, Vietnam.
The USD36.9 million net cash proceeds exclude repayment of shareholder loans.
The investment vehicle sold its entire stake in the project to RC12 Investment JSC at a valuation of 11.2% above the March 31 unaudited net asset value.
"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," said Managing Director David Blackhall.
Shares in the company were untraded USD0.5275 each on Friday.