VNL.L Regulatory News (VNL)

28 Apr 2008 10:38

VinaLand Limited28 April 2008 VinaLand Limited Press release on March 2008 VinaLand NAV revaluation VinaLand Limited, a real estate investment company trading on the AIM market ofthe London Stock Exchange, is pleased to announce the results of an independentrevaluation of five projects in its portfolio. The revaluation, which took place during the first quarter of 2008 and wasrecently approved by the VinaLand board of directors, represents an increase ofUSD 83 million on the value of the properties, or a 10.88 percent increase tothe total Net Asset Value of the company as at 31 December 2007. Total NAV as at31 March 2008 is USD 735 million. The increase (net tax and management fees)represents a 70 percent rise over the previously recorded book value of theseproperties. VinaLand targets key growth sectors within Vietnam's emerging real estatemarket, including residential, office, retail, industrial, and leisure projects.The five revalued projects are large-scale developments in the leisure andresidential (township) sectors of the VinaLand portfolio. They include theDanang Golf Course and Resort in central Vietnam and the Dai Phuoc Lotustownship development in Dong Nai province, near Ho Chi Minh City. As a result of the revaluation, NAV per share increased to USD 1.47 at 31 March2008, 5.75 percent above the closing share price on that day. This is the firsttime since VinaLand was established in March 2006 that the company has traded ata discount to Net Asset Value. Commenting on the revaluation, VinaLand director Don Lam said: "The real estatemarket in Vietnam is growing very quickly and our goal is to maximise the valueof our portfolio projects by managing and developing land according tointernational best practices. The revaluation is a strong sign that we are onthe right track." Notes to Editors VinaCapital Group is one of the largest fund managers in Vietnam. The Groupcombines its deep market experience and networks to generate strategicinvestment and financing products, alongside merger and acquisition activities.VinaCapital manages total assets valued at approximately USD 2 billion under itsfour funds: • Vietnam Opportunity Fund (VOF) is VinaCapital's flagship fund. Established in 2003 with initial capital of USD 10 million, it now has a net asset value of USD 870 million (at 31 March 2008). It invests in core and fast growing economic sectors as well as many leading companies in Vietnam. • VinaLand Limited (VNL) is a real estate fund established in March 2006 which now has net assets of approximately USD 735 million (at 31 March 2008). Through VOF and VNL, VinaCapital currently manages an extensive real estate portfolio across all sectors of the property market and including many leading hotels in Vietnam, such as the Sofitel Metropole Hanoi, Hilton Hanoi Opera and Omni Saigon Hotel. • Vietnam Infrastructure Limited (VNI) was established in July 2007 with initial capital of USD 402 million. It was the first fund established to invest purely in Vietnamese infrastructure assets such as energy, transportation, water supply and treatment, and telecommunications. • DFJ VinaCapital L.P. is a joint venture between VinaCapital and Draper Fisher Jurvetson - a leading American venture capital group. The fund, with initial capital of USD 30 million, invests in Vietnam's emerging technology sector. VinaCapital currently employs over 180 investment personnel in its offices in HoChi Minh City, Hanoi, Danang, Nha Trang and Hong Kong. More information on theGroup can be found at www.vinacapital.com. Details on VinaLand are available directly at www.vinaland-fund.com. For further details, please contact: Ms Chi Nguyen +84 8 821 9930 VinaCapital Investment Management Limited chi.nguyen@vinacapital.comInvestor Relations Philip Secrett +44 20 7383 5100 philip.j.secrett@gtuk.comGrant Thornton Corporate Finance, Nominated Adviser Hiroshi Funaki +44 20 7845 5960LCF Edmond de Rothschild Securities, Broker funds@lcfr.co.uk David Cranmer +44 20 7831 3113Financial Dynamics, Public Relations david.cranmer@fd.com This information is provided by RNS The company news service from the London Stock Exchange