31 Jul 2017 09:22
31 July 2017
Vietnam Infrastructure Limited ('the Company' or 'VNI')
Successful Divestment of Last Remaining Asset
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 the Company has successfully divested 100% of its stake from its last remaining asset, the in-building cellular enhancement systems ("IBS"), to VIBS Pte. Ltd. (a consortium formed by JTOWER Inc. and the South East Asia Growth Fund) and a local investor.
The Company will receive total cash proceeds of approximately USD10.2 million within the next 10 business days. The sale proceeds are at a slight premium to the unaudited net asset value (NAV) of USD9.9 million as at 30 June 2017.
Following the divestment, the Company will make a distribution to shareholders prior to the commencement of the voluntary solvent liquidation process. Further details of the distribution will be released in a separate announcement shortly. The Company will also convene a general meeting to vote on resolutions regarding the commencement of the voluntary solvent liquidation of the Company and cancel the admission of the Company's shares from trading on AIM, all of which the Company intends to conclude by the end of 2017.
VNI Managing Director Tony Hsun stated, "I am very pleased that with the sale of IBS, the Company has successfully completed its divestment strategy. The aggregate net proceeds received from the sales of the private equity assets exceeded the hurdle amount approved by the Company's shareholders."
Enquiries:
Jonathan Luu / Joel Weiden
VinaCapital Investment Management Limited
Investor Relations / Communications
+84 28 3821 9930
Jonathan.luu@vinacapital.com / 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