VNL.L Regulatory News (VNL)

26 Apr 2006 16:50

VinaLand Limited26 April 2006 VinaLand Limited ("VinaLand" or "the Company") Significant Investment in Ho Chi Minh City Investment Ho Chi Minh City, Vietnam - April 26, 2006 - VinaLand Limited (AIM:VNL), theinvestment company focused on the real estate sector in Vietnam, announces thatit has committed to make an investment of approximately US$17m to acquire acontrolling stake in a multi-purpose development project in District 2, Ho ChiMinh City. The project will consist of an office and commercial complex for lease, aresidential development of apartments, houses and villas (both for sale and forlease) and entertainment, tourism and cultural centres. The development will be situated on a 55 hectare site within a superb setting onthe banks of the Saigon River and will be located 12 km away from District 1, HoChi Minh City's central business district. District 2 is a green field arealocated adjacent to District 1 and will be connected to District 1 by a bridgeand tunnel which are currently under construction and expected to be completedwithin the next eighteen months. This strategic investment represents the Company's commitment to the developmentof Vietnam's "Second City" and is expected to provide, upon completion,facilities and amenities for over 50,000 people. VinaCapital Investment Management Limited, the Company's investment manager, andthe other partners in this project, are submitting an application to thegovernment of Vietnam for approval of VinaLand's participation. VinaLand'scommitment is conditional upon receiving this approval, which is expected in afew weeks' time. The development cost for the whole project in the next 5 yearsis expected to exceed US$500 million. About VinaLand Limited VinaLand Fund is a closed-end fund whose shares are traded on the AIM Marketof the London Stock Exchange plc. The Company was admitted to trading on AIM inMarch 2006, aiming at real estate opportunities in Vietnam. Specifically,VinaLand intends to invest in five property segments: office, retail,residential, industrial and leisure with primary focus on Ho Chi Minh City, asecondary focus on Hanoi and key leisure areas, including Nha Trang, Hoi An, andDanang. Forward-looking Statements This press release contains forward-looking statements subject to the inherentuncertainties in predicting future results and conditions. Any statements thatare not statements of historical fact (including statements containing the words"believes," "plans," "anticipates," "expects," "estimates" and similarexpressions) should also be considered to be forward-looking statements. Certainfactors could cause actual results and conditions to differ materially fromthose projected in these forward-looking statements. We undertake no obligationto update such statements to reflect subsequent events. For further information, please contact Ms. Chi Nguyen, Investor Relations, at(+84 8) 821 9930 or email at chi.nguyen@vinacapital.com. This information is provided by RNS The company news service from the London Stock Exchange