10 Nov 2016 16:56
10 November 2016
Vietnam Infrastructure Limited ("the Company" or "VNI")
Long An SEA Transaction Completion
Vietnam Infrastructure Limited, the AIM-quoted investment vehicle established to target infrastructure and related investments within Vietnam's emerging market, is pleased to announce the complete divestment and transfer of the Long An SEA mixed-used project (the "Project") to the Dong Tam Joint Stock Company, VNI's existing partner in the Project, with the final Settlement Agreement executed on 30 September 2016 under court supervision.
The full cash consideration for the transaction after all fees and taxes is USD2.373 million which has been received in full by VNI. Compared to the current NAV attributable to the investment of USD2.188 million as at 30 September 2016, VNI has made a profit on the transaction of approximately USD185,000. This divestment is in line with VNI's strategy to divest all assets by June 2017, and the proceeds from the transaction will be used to make distributions to shareholders.
VNI Managing Director Tony Hsun commented, "We are very pleased to have this settlement 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."
Notes to Editors:
About VinaCapital
VinaCapital is a leading investment management and real estate development firm in Vietnam, with a diversified portfolio of USD1.4 billion in assets under management. VinaCapital was founded in 2003 and boasts a team of managing directors who bring extensive international finance and investment experience to the firm. Our mission is to produce superior returns for investors by using our experience and knowledge to identify the key trends and opportunities that emerge as Vietnam continues to develop its economy. To achieve this, VinaCapital has industry-leading asset class teams covering capital markets, private equity, fixed income, venture capital, real estate and infrastructure.
VinaCapital has offices in Ho Chi Minh City, Hanoi, Danang and Singapore. More information about VinaCapital is available at www.vinacapital.com
More information on Vietnam Infrastructure Limited is available at http://vni-fund.com/.
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