7 Nov 2017 15:22
7 November 2017
VinaLand Limited (the "Company" or "VNL")
Divestment of stake in Project Phu Hoi City
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 entire stake in Project Phu Hoi City, located in Dong Nai province, Vietnam (the "Project"). The Project, acquired by VNL in 2007, is an 84-hectare parcel of land and has received approval for a future residential-township development.
VNL has disposed of its entire stake in the Project at a total valuation 2.0% above the 30 September 2017 unaudited net asset value and 3.3% above the unaudited net asset value at the time of VNL's extraordinary meeting in November 2016, both figures include adjustments for additional investments up to the date of exit. This transaction has resulted in net proceeds of USD15.8 million 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 the current 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."
More information on the Company is available at www.vnl-fund.com.
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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