1 Nov 2016 07:31
1 November 2016
Vietnam Infrastructure Limited ('the Company' or 'VNI')
Update on agreement to sell holding in Southeast Asia Telecommunications Holdings
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, has announced a delay in the close of its previously disclosed share sale and purchase agreement to transfer 100% of its holding in Southeast Asia Telecommunications Holdings Pte. Ltd. (SEATH) to OCK Vietnam Towers Pte. Ltd. Originally expected to be finalised with sale proceeds received at the end of October 2016, VNI now expects the transaction to close no later than the end of December 2016.
VNI Managing Director Tony Hsun commented, "This is a complex transaction that has taken more time to close than initially anticipated. However, we are on track to close this transaction in the near-term."
SEATH holds 100% of VNC-55 Infrastructure JSC, Mobile Information Service JSC and Global Infrastructure Investment JSC, which own and lease 1,938 mobile phone base stations (BTS) and over 150 IBS to mobile network operators in Vietnam. OCK Vietnam Towers will acquire the entire BTS business while VNI will separate the IBS portfolio from SEATH and divest at a later stage. 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 capital distributions to shareholders.
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