22 Nov 2016 12:22
22 November 2016
Vietnam Infrastructure Limited ("the Company" or "VNI")
Completed divestment of stake in the Vina-CPK Limited Company
Ho Chi Minh City - Vietnam Infrastructure Limited, the AIM-quoted investment vehicle established to target infrastructure and related investments within Vietnam's emerging market, announces that it has completed its divestment in the Vina-CPK Limited Company ("Vina-CPK"). The company is located in Vinh Phuc, Vietnam, and operates industrial park and infrastructure projects with an investment license of up to 49 years which was acquired by VNI in 2009.
VNI received the final 20% of sale proceeds of USD4.4million at today's exchange rate on 22 November 2016 to officially dispose of its entire stake to Phuc Hung Import Export Company Limited. Vina-CPK was sold at a sale price of USD22.1million, with 80% of the proceeds previously received on 13 June 2016. The proceeds of the transaction will be used to make capital distributions to shareholders.
VNI Managing Director Tony Hsun said, "With the completion of this transaction, we are on track to complete our divestment strategy as planned by the end of June 2017."