Vietnam Infrastructure Regulatory News (VNI)

11 Jan 2008 11:32

Vietnam Infrastructure Limited11 January 2008 11 January 2008 VIETNAM INFRASTRUCTURE LIMITED Vietnam Infrastructure Limited Announces Additional Investment of USD29.9million in Tan Tao Industrial Park Corporation (ITACO) Vietnam Infrastructure Limited ("VNI") the investment company admitted totrading on the AIM market of the London Stock Exchange, is pleased to announcethat it has successfully completed its additional investment to purchase 5million shares for cash in Tan Tao Industrial Park Corporation ("ITACO"), whichis listed on the Ho Chi Minh City Securities Trading Center. The investmentbrings VNI's total interest in the Company to USD43.56 million or 7.5 per centequity stake. The total cost of the additional 5 million shares is US$29.9 million. Theinvested price of VND 95,000 per share is at a 24 per cent discount compared tothe market price of the Company. Latest Development on ITACO The Industry and Trade Ministry has approved the expansion of the Long An powerplant, of which ITACO is an investor, to allow for the plant to become thelargest electricity centre in the province. The plant's initial capacity of 600megawatt may be raised to 1,200-1,800MW. ITACO is co-operating with theInstitute of Energy to prepare a new development plan for the project.ITA-Power Joint Stock Company, a subsidiary of ITACO, is also working with Black& Veatch and Sumitomo to choose the most effective technology solutions for theproject. Ernst & Young has been an auditor for ITACO since 2005. The 2007 auditedfinancial statements are expected to be issued in March 2008. This is one ofthe preparatory steps to list ITACO's shares on a foreign bourse in the thirdquarter of 2008. JP Morgan is the adviser for the company's overseas listing. Background of ITACO ITACO is engaged in infrastructure investment and the provision ofinfrastructure services for industrial zones. It owns a variety of industrialparks in key growth regions surrounding Ho Chi Minh City, including the443-hectare Tan Tao Industrial Park in Binh Tan district, the 535-hectare TanDuc Industrial Park in Long An Province, the 348-hectare Tan Duc Residentialarea in Long An Province and the 100-hectare Tan Tao residential area in BinhTan ITACO is one of the 10 largest companies by market capitalization on the HCMCStock Exchange (HOSE) and its share price has consistently outperformed the VNindex. ITACO's profit from the beginning of the year to December 15, 2007 hadexceeded the 2007 target, as announced by HOSE. The Company estimates to gain afull-year net profit of VND355 billion, VND55 billion higher than the 2007target. About Vietnam Infrastructure Limited Vietnam Infrastructure Limited (AIM: VNI) is a US$402 million, closed-endinfrastructure and infrastructure related investment company admitted to tradingon the AIM market of the London Stock Exchange plc. Admitted to trading in July2007, the company focuses on key strategic sectors with underlying economicdemand within Vietnam's emerging infrastructure market, namely energy,transport, telecommunications and water utilities. Vietnam InfrastructureLimited is managed by VinaCapital Investment Management Limited ("VinaCapital"),a fund management and advisory business operating out of offices in Ho Chi MinhCity, Hanoi and Danang. Company website: www.vietnam-infrastructure-limited.com. For further information, please contact: Ms. Chi NguyenVinaCapital Investment Management Limited, Investor RelationsPhone: +84 8 821 9930 Philip SecrettGrant Thornton Corporate Finance, Nominated AdviserPhone: +44 (0)207 383 5100 Hiroshi FunakiLCF Edmond de Rothschild SecuritiesPhone: +44 20 7845 5960funds@lcfr.co.uk Brian Cattell/Talia DrukerFinsbury GroupPhone: +44 (0)20 7251 3801 This information is provided by RNS The company news service from the London Stock Exchange