18 Feb 2016 07:52
18 February 2016
Vietnam Infrastructure Limited
Divestment from Vietnam Aircraft Leasing Joint Stock Company (VALC)
Vietnam Infrastructure Limited (the "Company" or "VNI"), the first publicly traded fund to focus on investment into infrastructure assets in Vietnam, has divested its stake in Vietnam Aircraft Leasing Joint Stock Company ("VALC").
Incorporated in 2007 in Hanoi, VALC currently leases 10 Airbus and 5 ATR aircraft to Vietnam Airlines, its sole customer, under long-term lease agreements. VNI is the only foreign shareholder in VALC, a company which has been producing stable dividends of 22% of par value (17% dividend yield on current NAV) over the past two years of full scale operation. VNI's 11.65% stake (15,360,000 shares) was held through the Company's 100%-owned SPV Campbell Holdings Pte. Ltd., and has been sold to a domestic investor.
The full consideration for the transaction is USD 8.4 million, which has been received in full by VNI. Compared to the current NAV attributable to the investment of USD 8.69 million as at 31 Dec 2015, VNI has made a loss on the transaction of approximately USD290,000. 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.
Notes to Editors:
VinaCapital is a leading investment management and real estate development firm headquartered in Vietnam, with a diversified portfolio of USD1.4 billion in assets under management.
Founded in 2003, VinaCapital boasts an unrivalled local network, providing the company with access to unique investment opportunities. VinaCapital's mission is to continue to offer institutional solutions for a variety of clients that can best extract the dynamic development taking place in Vietnam and the ASEAN region as a whole. This mission is instilled in each of VinaCapital's industry-leading asset class teams covering capital markets, private equity, fixed income, venture capital, real estate and infrastructure.
VinaCapital has managed three closed-end funds trading on the AIM Market of the London Stock Exchange, VinaCapital Vietnam Opportunity Fund Limited, VinaLand Limited and Vietnam Infrastructure Limited. In addition, VinaCapital co-manages the DFJ VinaCapital L.P. technology venture capital fund with Draper Fisher Jurvetson and also holds a stake in VinaWealth, a locally incorporated fund management company. Further, VinaCapital manages an open ended UCITS fund called the Forum One - VCG Partners Vietnam Fund, Vietnam's largest open-ended UCITS-compliant fund.
VinaCapital employs a bottom-up, fundamental analysis approach to valuation within a disciplined risk management framework, and possesses one of Vietnam's leading in-house research teams to uncover value opportunities.
With offices in Ho Chi Minh City, Hanoi, Danang and Singapore, VinaCapital offers insight, expertise and an on the ground presence unrivaled in the ASEAN region. For more information about VinaCapital, please visit www.vinacapital.com or reach out directly to info@vinacapital.com.
Enquiries:
Jeremy Greenberg
VinaCapital Investment Management Limited
Investor Relations
+84 8 3821 9930
jeremy.greenberg@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
Andrew Walton
FTI Consulting, Public Relations (London)
+44 (0)20 7269 7204
andrew.walton@fticonsulting.com