29 Dec 2016 10:34
29 December 2016
Vietnam Infrastructure Limited ('the Company' or 'VNI')
Completed divestment from Southeast Asia Telecommunications Holdings
Ho Chi Minh City, Vietnam - Vietnam Infrastructure Limited, the AIM-quoted investment vehicle established to target infrastructure and related investments within Vietnam's emerging market, is pleased to announce that all the conditions precedent under the sale and purchase agreement to transfer 100% of VNI's holding in Southeast Asia Telecommunications Holdings Pte. Ltd. (SEATH) to OCK Vietnam Towers Pte. Ltd have now been fulfilled.
The cash consideration for the transaction is USD 50.0 million, which will be received in full by VNI by the end of January 2017. The divestment is in line with the exit strategy for VNI's private equity portfolio, pursuant to the proposal to restructure VNI which was approved at its EGM held on 15 December 2014. The proceeds of the transaction will be used to make capital distributions to shareholders.
VNI Managing Director Tony Hsun commented, "We are very pleased to have this divestment successfully completed. This transaction represents significant progress towards completing our divestment strategy as VNI is now left with only one remaining asset to be divested, the in-building systems (IBS) portion of SEATH."
SEATH holds 100% of VNC-55 Infrastructure JSC, Mobile Information Service JSC and Global Infrastructure Investment JSC, which owns and leases 1,972 mobile phone base stations (BTS) and over 150 IBS to mobile network operators in Vietnam. OCK Vietnam Towers will acquire the entire BTS business while VNI still own the IBS portfolio and divest at a later stage.
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
Philip Secrett
Grant Thornton UK LLP, Nominated Adviser
+44 (0)20 7383 5100
philip.j.secrett@uk.gt.com
David Benda / Hugh Jonathan
Numis Securities Limited, Broker
+44 (0)20 7260 1000
funds@numis.com