23 Mar 2012 13:15
23 March 2012
VinaCapital Vietnam Opportunity Fund Ltd
Increased stake in Clear Interest Group
Ho Chi Minh City - VinaCapital Vietnam Opportunity Fund Ltd ("VOF"), an AIM-quoted investment vehicle focused on Vietnam, announces it has purchased from VinaLand Limited (VNL) the remaining 75 percent stake in the Clear Interest Group which holds, among other assets, a 19.95 percent interest in the Legend Hotel, a five-star hotel located in central Ho Chi Minh City. The Clear Interest Group also owns a call option to acquire a controlling stake in the hotel at a later date.
The acquisition of this investment provides an opportunity to add value to an operating asset thanks to the planned establishment of another leading hotel in Vietnam, and thereby replicate the success achieved with the Sofitel Metropole, in Hanoi.
Mr. Andy Ho, Managing Director of VOF, said "Our fund, as a diversified opportunity fund, continues to seek great value investments and to balance its exposure among real estate, hospitality, private and public equity. We believe the acquisition valuation for the Clear Interest Group, which was derived from international third parties and approved by the VOF's independent non-executive Directors, is very attractive and leaves room for substantial potential upside."
The assets held by Clear Interest Group's holdings are predominantly operating assets which generate continuous cash flow and have little development risk. In addition to capital appreciation from the lowering of market yields, the Clear Interest Group's assets have great upside potential due to the location of key assets.
Chairman, Mr. William Vanderfelt commented "this acquisition will continue to build on the successes already achieved with the Sofitel Metropole. The board remains committed to the share buyback program which will continue post publication of the year end results".
Notes to Editors:
VinaCapital Group is a leading asset management, investment banking and real estate consulting firm with unrivalled experience in the Vietnamese market. VinaCapital Group was founded in 2003 and has grown from a single USD10 million fund to a diversified investment firm with USD1.6 billion in assets under management as of December 2011.
VinaCapital manages three closed-end funds trading on the London Stock Exchange's Alternative Investment Market (AIM). These are: VinaCapital Vietnam Opportunity Fund (VOF); VinaLand Limited (VNL); and Vietnam Infrastructure Limited (VNI). VinaCapital also co-manages the DFJ VinaCapital technology venture capital fund with Draper Fisher Jurvetson. More information is available at www.vinacapital.com.
More information on VinaLand Limited is available at http://www.vinacapital.com/vof
Enquiries:David DropseyVinaCapital Investment Management LimitedInvestor Relations/Communications+84 8 821 9930david.dropsey@vinacapital.com Philip SecrettGrant Thornton Corporate Finance, Nominated Adviser+44 20 7383 5100philip.j.secrett@uk.gt.com Hiroshi FunakiLCF Edmond de Rothschild Securities, Broker+44 20 7845 5960funds@lcfr.co.uk David Benda / Hugh JonathanNumis Securities Limited, Broker+44 (0)20 7260 1000Mark Walters
FTI Consulting, Public Relations (Hong Kong)
+852 3716 9802
mark.walters@fticonsulting.com
Andrew Walton
FTI Consulting, Public Relations (London)
+44 (0)20 7269 7204
andrew.walton@fticonsulting.com