15 Aug 2017 10:49
15 August 2017
VinaLand Limited (the "Company" or "VNL")
Divestment of remaining stake in the My Gia Project
Ho Chi Minh City - VinaLand Limited, the AIM-quoted investment vehicle established to target strategic segments within Vietnam's emerging real estate market, announces that, further to the announcement dated 28 April 2017, it has divested its remaining stake in the My Gia project to a Vietnamese development company. The My Gia township development project located in Khanh Hoa Province and was acquired by VNL in 2008.
VNL's disposal of its entire remaining stake in the project has resulted in net cash proceeds of a further USD5.9 million, being VNL's share of the proceeds at a total valuation 0.7% above the unaudited net asset value at 30 June 2017 and 25.1% below the net asset value at the time of VNL's extraordinary general meeting in November 2016, which includes adjustments for additional investments and the repayment of the VNL shareholder loans since November 2016. At the time of this announcement all proceeds have been received.
Speaking on the transaction, Managing Director David Blackhall stated, "This disposal is a good result for VNL in particular as it extinguished USD2.4 million of project company debt attributable to VNL. This exit is in accordance with the current stated policy to divest projects in a controlled and orderly manner. The proceeds received from this disposal will, in conjunction with those collected from past disposals, be used to cover VNL's commitments including operating costs, capital contributions and distributions to shareholders."
For enquiries:
Jonathan Viet Luu / Joel Weiden VinaCapital Investment Management LimitedInvestor Relations / Communications+84 28 3821 9930jonathan.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