25 Jan 2017 07:50
25 January 2017
VinaLand Limited ("the Company" or "VNL")
Divestment of stake in Project BD
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 it has divested its stake in Project BD. The project, acquired by VNL in 2007, is a 94.7 hectare parcel of land located in Binh Duong Province and has approval for a future residential-township development.
VNL has disposed of its entire stake at a total valuation 17.4% below the unaudited net asset value at the time of VNL's recent extraordinary general meeting (EGM) in November 2016, including adjustments for additional investments over this period. This transaction has resulted in net proceeds of USD10.9 million to VNL which at the time of this announcement have been received in full.
Speaking on the transaction, Managing Director David Blackhall stated, "This disposal is in accordance with both the pre/post 2016 EGM stated policy to divest projects in a controlled and orderly manner, the proceeds received from this exit in conjunction with those collected from past and future disposals will be used to cover VNL's commitments including operating costs and distributions to shareholders."