Last checked at 
6 Aug 2020 07:00
VinaCapital Vietnam Opportunity Fund Limited
(the "Company" or "VOF")
LEI Number: 2138007UD8FBBVAX9469
Completion of Divestment of International Dairy Products - 6 August 2020
VinaCapital Vietnam Opportunity Fund (LSE: VOF), the flagship fund of VinaCapital ("the Manager"), is pleased to announce the completion of the divestment of International Dairy Products ("IDP"), which as of 30 June 2020 was the largest private equity holding in the VOF portfolio.
VOF, along with co-investment partner Daiwa PI Partners ("DPIP"), have completed the divestment of the remaining stake in IDP to a consortium led by Blue Point at an additional premium relative to the previous partial exit value, and have received USD45.4 million in net proceeds for the remaining 37% stake in the company.
The uplift to VOF's net asset value (NAV) from this entire divestment, which includes both the partial divestment and this remaining stake, is 14 US cents per share. This uplift has been reflected in published NAV's since 10th July as that was the date at which contracts were signed, part of the stake was transferred, and the transaction was subject only to certain minor conditions.
Commenting on the divestment, Andy Ho, Chief Investment Officer at VinaCapital, stated, "We are pleased to have accelerated the divestment of IDP to Blue Point, who are a Vietnamese financial and strategic investor in the consumer goods and dairy products sector. IDP is one of Vietnam's leading dairy producers and the company is in good hands with a strategic investor who will be able to form synergies with their existing portfolio of investments across the FMCG sector. We wish them every success in taking IDP through to its next phase of growth."
"The proceeds from this divestment have been earmarked for investment opportunities that our team have been evaluating for some time, as well as to support the share buyback programme and ongoing dividend commitments to our shareholders. In the current environment of economic uncertainty and market volatility caused by the health pandemic, we remain prudent and selective with the opportunities that we are evaluating."
Enquiries
Michael Truong / Joel Weiden |
Investment Manager - Investor Relations and Communications VinaCapital Investment Management Limited |
T: +84 28 3821 9930 |
E: michael.truong@vinacapital.com E: joel.weiden@vinacapital.com |
David Benda / Hugh Jonathan |
Broker Numis Securities Limited |
T: +44 20 7260 1000 |
E: funds@numis.com |
Lewis Germain |
Company Secretary / Administrator Aztec Financial Services (Guernsey) Limited |
T: +44 1481 749 748 |
E: vinacapital@aztecgroup.co.uk |
Edward Gascoigne-Pees |
Public Relations (London) Camarco |
T: +44 20 3757 4980 |
E: ed.gascoigne-pees@camarco.co.uk |
David Harris |
Marketing and Distribution (London) Frostrow Capital LLP |
T: +44 203 427 3835 |
E: david.harris@frostrow.com
|
1. References to VOF or the Company in this announcement shall mean VinaCapital Vietnam Opportunity Fund Limited, a non-cellular company incorporated in the Bailiwick of Guernsey under The Companies (Guernsey) Law, 2008, with registered number 61765. It is authorised by the Guernsey Financial Services Commission (reference number 2268242) as a registered closed-ended investment scheme under The Protection of Investors (Bailiwick of Guernsey) Law, 1987 and in compliance with the Registered Collective Investment Scheme Rules, as amended.
2. The registered office address of the Company is East Wing, Trafalgar Court, Les Banques, St Peter Port, Guernsey, Channel Islands, GY1 3PP.
3. This announcement may contain inside information as stipulated under the Market Abuse Regulations (EU) NO. 596/2014 (MAR).
About VOF
Launched in 2003, VinaCapital Vietnam Opportunity Fund Limited is a Guernsey-domiciled, closed-ended investment company, listed on the Main Market of the London Stock Exchange. VOF's investment objective is to achieve medium to long-term returns through investment either in Vietnam or in companies with a substantial majority of their assets, operations, revenues, or income in, or derived from, Vietnam.
VOF is classified as a registered closed-ended Collective Investment Scheme under the Protection of Investors (Bailiwick of Guernsey) Law 1987 and is subject to The Companies (Guernsey) Law, 2008.
VOF is managed by VinaCapital Fund Management JSC, an entity managed and regulated in Vietnam by the State Securities Commission of Vietnam, a member of the International Organization of Securities Commissions.
More information about VOF may be found at https://vof.vinacapital.com.
About VinaCapital
Founded in 2003, VinaCapital is a leading investment and asset management firm headquartered in Vietnam, with a diversified portfolio of USD3 billion in assets under management. The firm manages a closed-ended fund that trades on the Main Market of the London Stock Exchange, as well as the Forum One - VCG Partners Vietnam Fund, an open-ended UCITS-compliant fund, the Vietnam Equity Special Access Fund, numerous segregated accounts, three domestic funds, and a recently launched ETF product. VinaCapital also has joint ventures with Draper Fisher Jurvetson in venture capital, and Warburg Pincus in hospitality and lodging. VinaCapital's expertise spans a full range of asset classes including capital markets, private equity, real estate, venture capital, and fixed income.
VOF is managed by VinaCapital Fund Management Limited, an entity managed and regulated in Vietnam by the State Securities Commission of Vietnam, a member of the International Organization of Securities Commissions.
For more information about VinaCapital, please visit www.vinacapital.com .