Last checked at 15 Aug 2016 07:00
The announcement contains inside information
Aseana Properties Limited
("Aseana")
Aseana reduces stake in investee company
Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam listed on the Main Market of the London Stock Exchange, announces that on 15 August 2016 it has sold of 2,175,880 shares in Nam Long Investment Corporation ("Nam Long"), a real estate developer in Vietnam listed on the Ho Chi Minh Stock Exchange (HOSE: NLG), for total proceeds of VND47.5 billion (US$2.13 million*) and at an average price of VND21,837 (US$0.98*) per share.
Following the sale, Aseana's effective stake in Nam Long has been reduced from 5.50% to 3.96%. In line with International Financial Reporting Standards, the value of Aseana's holding is 'marked-to-market' against Nam Long's share price as quoted on HOSE at the end of each reporting period.
Nam Long is an established property development company with a track record of more than 20 years and is a leading company in the real estate market in Ho Chi Minh City, Vietnam. Nam Long's affordable housing projects, branded as "E-Homes", continue to be the main source of revenue. The high quality and low prices have made its E-Homes brand the preferred brand among prospective home buyers in Vietnam. Nam Long currently has a land bank of more than 560 hectares mainly in Ho Chi Minh City and neighbouring provinces, making it one of the largest property developers by land bank in Ho Chi Minh City.
The disposal reflects Aseana's strategy to reduce its holding in Nam Long at the appropriate time and price, in line with the Company's overall divestment strategy and its intention to make capital distributions to shareholders upon receipt of consents from its lenders.
* Based on an exchange rate of US$1.00 to VND22,302
For further information:
Aseana Properties Limited | Tel: +603 6411 6388 | |
Chan Chee Kian | Email: cheekian.chan@ireka.com.my | |
| ||
N+1 Singer | Tel: 020 7496 3000 | |
James Maxwell / Liz Yong (Corporate Finance) Sam Greatrex (Sales) | ||
Tavistock | 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 49 years of experience in construction and property development. IDM is responsible for the day-to-day management of Aseana's property portfolio.