The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksVNL.L Regulatory News (VNL)

  • There is currently no data for VNL

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Divestment of Vina Properties Pte

20 Jan 2014 12:30

RNS Number : 0490Y
VinaLand Limited
20 January 2014
 



RNS Reach

20 January 2014

VinaLand Limited

Divestment of Vina Properties Pte.

Ho Chi Minh City - VinaLand Limited ("the Company" or "VNL"), 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 Vina Properties Pte Ltd. which owns a 5-star hotel located in Ho Chi Minh City.

The asset is an operating 278-room 5-star hotel which also includes restaurants, an electronic gaming operation, and retail areas. The hotel, which is situated in Ho Chi Minh City between the city centre and the airport, was acquired by VNL in 2007 and refurbished in 2010 to capitalise on the fast growing tourism business in Ho Chi Minh City. Since the reopening of the hotel, the four to five star hotel segments in Ho Chi Minh City have experienced significant increases in room supply which has impacted the hotel's performance. The Company's stake in the project resulted in net proceeds of USD16.1 million which is 19.0 percent above the net asset value at 31 December 2013. As a result of the divestment, the Company's debt from the consolidated balance sheet has also been reduced by USD1.7 million.

Speaking on the transaction, Managing Director, David Blackhall stated, "The closure of this transaction is the sixth exit since VNL's EGM on 21 November 2012, where shareholders supported a new three year term which included a new strategy focused on the realisation of selected assets. This divestment is consistent with the Company's strategy to divest hospitality assets over the next two years. The proceeds will be utilised to fund future distributions to shareholders and ongoing operating costs."

About VinaCapital

VinaCapital is a leading asset management and real estate development firm in Vietnam, with a diversified portfolio of USD1.5 billion in assets under management. VinaCapital was founded in 2003 and boasts a team of investment professionals who bring extensive international finance and investment experience to the firm. Our mission is to produce superior returns for investors by using our experience and knowledge to identify the key trends and opportunities that emerge as Vietnam continues to develop its economy. To achieve this, VinaCapital has teams with broad experience covering equity markets, fixed income, private equity, venture capital, real estate and infrastructure.

VinaCapital manages three closed-end funds trading on the AIM Market of the London Stock Exchange. These funds are: VinaCapital Vietnam Opportunity Fund Limited (VOF), VinaLand Limited (VNL), and Vietnam Infrastructure Limited (VNI). VinaCapital also co-manages the DFJ VinaCapital L.P. technology venture capital fund with Draper Fisher Jurvetson.

VinaCapital has offices in Ho Chi Minh City, Hanoi, Danang, Nha Trang and Singapore. More information about VinaCapital is available at www.vinacapital.com.

Enquiries:

David DropseyVinaCapital Investment Management LimitedInvestor Relations/Communications+84 8 821 9930david.dropsey@vinacapital.com

Philip Secrett

Grant Thornton UK LLP, Nominated Adviser

+44 (0)20 7583 5100

philip.j.secrett@uk.gt.com

 Hiroshi FunakiEdmond de Rothschild Securities, Broker+44 20 7845 5960funds@lcfr.co.uk

David Benda / Hugh JonathanNumis Securities Limited, Broker

+44 (0)20 7260 1000

funds@numis.com

Andrew WaltonFTI Consulting, Public Relations (London)+44 (0)20 7269 7204andrew.walton@fticonsulting.com

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
NRAEAFFEAEXLEFF
Date   Source Headline
23rd Aug 201912:19 pmRNSAnnual financial results
23rd Aug 201912:16 pmRNSNotice of Extraordinary General Meeting
2nd Aug 20199:41 amRNSQuarterly Report
24th Jul 20197:30 amRNSSuspension - Vinaland Limited
24th Jul 20197:00 amRNSResignation of Nominated Adviser and Cancellation
22nd Jul 20192:19 pmRNSInvestment Manager Share Purchase
15th Jul 201912:40 pmRNSNet Asset Value(s)
15th Jul 20199:40 amRNSInvestment Manager Share Purchase
9th Jul 201910:19 amRNSInvestment Manager Share Purchase
24th Jun 20197:00 amRNSCancellation and Notice of Resignation of Adviser
17th Jun 20193:41 pmRNSInvestment Manager Share Purchase
12th Jun 20199:48 amRNSInvestment Manager Share Purchase - Replacement
12th Jun 20199:00 amRNSInvestment Manager Share Purchase
7th May 20196:26 pmRNSInvestment Manager Share Purchase
11th Apr 20196:27 pmRNSQuarterly Report
8th Apr 20198:02 amRNSNet Asset Value(s) - Replacement
5th Apr 20192:09 pmRNSNet Asset Value(s)
27th Mar 20191:22 pmRNSInterim results
21st Mar 201911:39 amRNSInvestment Manager Share Purchase
20th Mar 201910:44 amRNSInvestment Manager Share Purchase
18th Mar 20194:41 pmRNSSecond Price Monitoring Extn
18th Mar 20194:36 pmRNSPrice Monitoring Extension
14th Mar 20194:35 pmRNSPrice Monitoring Extension
14th Mar 20192:05 pmRNSSecond Price Monitoring Extn
14th Mar 20192:00 pmRNSPrice Monitoring Extension
14th Mar 201911:05 amRNSSecond Price Monitoring Extn
14th Mar 201911:00 amRNSPrice Monitoring Extension
11th Mar 201911:22 amRNSListing on AIM
6th Mar 20192:05 pmRNSSecond Price Monitoring Extn
6th Mar 20192:00 pmRNSPrice Monitoring Extension
4th Mar 20194:41 pmRNSSecond Price Monitoring Extn
4th Mar 20194:35 pmRNSPrice Monitoring Extension
18th Feb 201910:40 amRNSInvestment Manager Share Purchase
14th Feb 20199:28 amRNSInvestment Manager Share Purchase
11th Feb 20191:47 pmRNSInvestment Manager Share Purchase
4th Feb 20191:02 pmRNSHolding(s) in Company
4th Feb 201911:05 amRNSSecond Price Monitoring Extn
4th Feb 201911:00 amRNSPrice Monitoring Extension
1st Feb 201910:46 amRNSQuarterly Report
31st Jan 20194:40 pmRNSSecond Price Monitoring Extn
31st Jan 20194:35 pmRNSPrice Monitoring Extension
31st Jan 201911:05 amRNSSecond Price Monitoring Extn
31st Jan 201911:00 amRNSPrice Monitoring Extension
30th Jan 20195:42 pmRNSCompany Auditor
28th Jan 20194:35 pmRNSPrice Monitoring Extension
28th Jan 20192:05 pmRNSSecond Price Monitoring Extn
28th Jan 20192:00 pmRNSPrice Monitoring Extension
28th Jan 201911:05 amRNSSecond Price Monitoring Extn
28th Jan 201911:00 amRNSPrice Monitoring Extension
25th Jan 20193:44 pmRNSNet Asset Value(s)

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.