1 Dec 2008 09:45
1 December 2008
VinaLand Limited
Results of October 2008 revaluation of portfolio
VinaLand Limited (the "Company" or "VNL"), the AIM-quoted investment vehicle established to target key growth segments within Vietnam's emerging real estate market, announces that at the close of business on 31 October 2008, its unaudited net asset value was USD1.54 per share.
In response to the economic crisis subsequent to the financial year ended 30 June 2008, when global markets were sharply affected by the collapse of several major financial institutions and deteriorating economic conditions, the Board of Directors of the Company determined that it was prudent and in the interests of shareholders for the Board to review the valuation of the assets in the VNL portfolio in light of the global economic crisis and its expected impact on Vietnam.
The unaudited net asset value of USD1.54 per share represents a 4.3 percent decrease from the audited net asset value of USD1.61 for the year ended 30 June 2008 (please see the audited 2008 financial results announced separately on 1 December 2008). As a result of the revaluation the total NAV of the Company at 31 October 2008 was USD770 million. The decrease in the NAV is net of a write-up of two cents per share for two properties which have increased in value as a result of receiving investment licences within the past quarter. VNL Director Don Lam comments: "The Company's Board of Directors has in the past been conservative in its valuations. We maintained this approach throughout the boom years of 2006 and 2007, and now that the market has slowed it is comforting to see that only a comparatively minor write down of VNL assets was warranted. We remain very confident in the value of the Company and in the valuations we have placed on each project in the portfolio."
More about VinaCapital Group:
VinaCapital is the leading asset management and financial services group in Vietnam. The Group combines its deep market experience and networks to generate strategic investment and financing products, alongside merger and acquisition activities. VinaCapital manages total assets valued at almost USD1.9 billion under its four funds (NAV figures as at 31 October 2008):
VinaCapital Vietnam Opportunity Fund (VOF) is a USD630 million diversified investment fund that has consistently been among the top performing Vietnam funds.
VinaLand Limited (VNL) is a USD770 million real estate fund established in March 2006.
Vietnam Infrastructure Limited (VNI) is a USD334 million fund established in July 2007 as the first fund to invest solely in Vietnam's infrastructure sector.
DFJ VinaCapital L.P., a USD32 million technology venture capital fund.
VinaCapital also has a dominant stake in VinaSecurities JSC, a brokerage firm. VinaCapital currently employs over 180 investment personnel in its offices in Ho Chi Minh City, Hanoi, Danang, Nha Trang and Hong Kong. More information on the Group can be found at www.vinacapital.com.
Details on VinaLand are available directly at www.vinaland-fund.com.
For more information please contact:
| Ms Chi Nguyen VinaCapital Investment Management Limited Investor Relations | +84 8 821 9930 chi.nguyen@vinacapital.com |
| Philip Secrett Grant Thornton UK LLP Nominated Adviser | +44 20 7383 5100 philip.j.secrett@gtuk.com |
| Hiroshi Funaki LCF Edmond de Rothschild Securities | +44 20 7845 5960 funds@lcfr.co.uk |
| David Cranmer Financial Dynamics | +44 20 7831 3113 david.cranmer@fd.com |