28 Apr 2017 12:08
28 April 2017
VinaLand Limited ("the Company" or "VNL")
Divestment of stake in Parcel 3 and Parcel 7A of the My Gia Project
Ho Chi Minh City - VinaLand Limited, the AIM-quoted investment vehicle established to target strategic segments within Vietnam's emerging real estate market, announces that it has divested its stake in both Parcel 3 and Parcel 7A of the My Gia project to a Vietnamese development company. Both land parcels are situated within the My Gia township development project located in Khanh Hoa Province which was acquired by VNL in 2007. VNL remains involved in developing other parcels within this township project.
VNL's disposal of its entire stake in Parcel 3 and Parcel 7A has resulted in net cash proceeds of USD5.5 million being VNL's share of the proceeds at a total valuation 0.2 % above the unaudited net asset value at 31 March 2017 and 5.6 % above the net asset value at the time of VNL's extraordinary general meeting in November 2016. At the time of this announcement all proceeds have been received for both parcels by the Vietnamese project company, of which USD3.2 million has subsequently been remitted to VNL after payment to reduce bank debt at the project company.
Speaking on the transaction, Managing Director David Blackhall stated, "These disposals are in accordance with the current stated policy to divest projects in a controlled and orderly manner, the proceeds received from these exits have been partially used to reduce the project company debt while the remaining proceeds, in conjunction with those collected from past disposals will be used to cover VNL's commitments including operating costs and distributions to shareholders."
Enquiries:
Jonathan Viet LuuVinaCapital Investment Management LimitedInvestor Relations+84 8 3821 9930jonathan.luu@vinacapital.com
Joel WeidenVinaCapital Investment Management LimitedCommunications+84 8 3821 9930joel.weiden@vinacapital.com
Philip SecrettGrant Thornton UK LLP, Nominated Adviser+44 (0)20 7383 5100philip.j.secrett@uk.gt.com
David Benda / Hugh JonathanNumis Securities Limited, Broker+44 (0)20 7260 1000funds@numis.com