Last checked at 8 Apr 2013 07:25
08 April 2013
Aseana Properties Limited
("Aseana")
Aseana investee Company lists on the Ho Chi Minh Stock Exchange
Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam, listed on the Main Market of the London Stock Exchange, announces that Nam Long Investment Corporation ("Nam Long"), a real estate developer in Vietnam, in which Aseana holds a 16.32% stake, has today listed its shares on the Ho Chi Minh Stock Exchange ("HOSE") at a price of VND 27,000 (approximately US$1.296) per share, valuing Nam Long (HOSE: NLG) at approximately VND2,579 billion (approximately US$123.82 million). At the time of listing, no new shares were issued, and nor were there any placement of existing shares of Nam Long to new shareholders.
Nam Long is an established private property development company with a track record of over 20 years of and is a leading player in the real estate market in Ho Chi Minh City, Vietnam. Nam Long currently has a land bank of over 560 hectares mainly in Ho Chi Minh City and neighbouring provinces. Through its partnership with Nam Long, Aseana is co-developing the Waterside Estates in District 9 of Ho Chi Minh City with Nam Long.
Over the last five months, Nam Long has successfully launched two affordable homes project, priced in the region of US$25,000 to US$60,000 per unit, with both achieving over 90% sales to date. It has a further six affordable homes projects in its pipeline that will be developed over the next five years, providing it with a healthy financial outlook over the medium to long term. Generally, Nam Long is well positioned to benefit from the expected recovery in the Vietnamese property market.
Aseana acquired its interest in Nam Long in June 2008 for US$17.14 million. The value of Aseana's holdings in Nam Long was subsequently re-valued to US$22.05 million in December 2010 based on fair value determined by reference to the price that a new institutional investor made their investment in Nam Long in May 2010. The value of Nam Long on listing represents a 17.8% increase in Aseana's cost of its investment, but an 8.4% decrease from the value Aseana attributed to its holdings as at 30 September 2012. In line with International Financial Reporting Standards, the value of Aseana's holdings will be 'marked-to-market' against Nam Long's share price as quoted on HOSE at the close of each reporting period.
The listing regulations in Vietnam require all of Aseana's shares in Nam Long to be subject to a 6-month share sale moratorium from listing date, and 50 percent of its shares to be subject to a further 6-month moratorium.
For further information:
Aseana Properties Limited | Tel: +603 6411 6388 |
Chan Chee Kian | Email: cheekian.chan@ireka.com.my |
Murphy Richards Capital LLP | Tel: 020 3214 9930 |
Paul Richards / Rachel Rees | Email: paul@murphy-richards.com |
N+1 Singer | Tel: 020 7496 3000 |
James Maxwell (Corporate Finance) /Sam Greatrex (Sales) | |
Tavistock Communications | Tel: 020 7920 3150 |
Jeremy Carey / James Verstringhe | Email: jcarey@tavistock.co.uk |
Notes to Editors:
London-listed Aseana Properties Limited (LSE: ASPL) is a property developer investing in Malaysia and Vietnam.
Ireka Development Management Sdn Bhd ("IDM") is the exclusive Development Manager for Aseana. It is a wholly-owned subsidiary of Ireka Corporation Berhad, a company listed on the Bursa Malaysia since 1993, which has over 45 years of experience in construction and property development. IDM is responsible for the day-to-day management of Aseana's property portfolio and the introduction and facilitation of new investment opportunities.