VNL.L Regulatory News (VNL)

2 Jun 2006 09:23

VinaLand Limited02 June 2006 VINALAND LIMITED Development of Prime Danang Site VinaLand Limited ("VinaLand") (AIM: VNL), the investment company listed on theAIM market of the London Stock Exchange, is pleased to announce that it hassigned a memorandum of understanding with the Danang People's Committee todevelop a 262 hectare prime site in China Beach, Danang, Vietnam. The site,which enjoys 1 km of seafront, is situated close to the Furama Hotel, and may bedeveloped for a variety of uses. Supporting infrastructure is already in place,and the site is expected to be ready for development in approximately ninemonths' time. VinaLand will develop the site through a 100% foreign-owned domestic entity thatwill hold the land use rights for a period of 50 years. VinaLand has agreed, inprinciple, to commit to invest a total of US$30 million in this project overseveral years. Co-investors may be selected in the future to take the projectforward. Danang is at the heart of the key economic zone in Central Vietnam. Tourism andconstruction are the main industries and the Vietnamese government has set a GDPgrowth target rate of 13.5% for the city over the next four years. Touristnumbers have been increasing at an annual average of 8% over the past fiveyears. A new US$75 million international airport terminal is under construction,and tourism numbers are expected to continue to rise over the next five years. For further details, please contact Mr. Peter Dinning atpeter.dinning@vinacapital.com or at 84 8 821 9930. This information is provided by RNS The company news service from the London Stock Exchange