VinaLand Limited Divestment of remaining stake in My Gia Project (0375O)
15 August 2017 - 7:49PM
UK Regulatory
TIDMVNL
RNS Number : 0375O
VinaLand Limited
15 August 2017
15 August 2017
VinaLand Limited (the "Company" or "VNL")
Divestment of remaining stake in 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, further to the
announcement dated 28 April 2017, it has divested its remaining
stake in the My Gia project to a Vietnamese development company.
The My Gia township development project located in Khanh Hoa
Province and was acquired by VNL in 2008.
VNL's disposal of its entire remaining stake in the project has
resulted in net cash proceeds of a further USD5.9 million, being
VNL's share of the proceeds at a total valuation 0.7% above the
unaudited net asset value at 30 June 2017 and 25.1% below the net
asset value at the time of VNL's extraordinary general meeting in
November 2016, which includes adjustments for additional
investments and the repayment of the VNL shareholder loans since
November 2016. At the time of this announcement all proceeds have
been received.
Speaking on the transaction, Managing Director David Blackhall
stated, "This disposal is a good result for VNL in particular as it
extinguished USD2.4 million of project company debt attributable to
VNL. This exit is in accordance with the current stated policy to
divest projects in a controlled and orderly manner. The proceeds
received from this disposal will, in conjunction with those
collected from past disposals, be used to cover VNL's commitments
including operating costs, capital contributions and distributions
to shareholders."
For enquiries:
Jonathan Viet Luu / Joel Weiden
VinaCapital Investment Management Limited
Investor Relations / Communications
+84 28 3821 9930
jonathan.luu@vinacapital.com / joel.weiden@vinacapital.com
Philip Secrett
Grant Thornton UK LLP, Nominated Adviser
+44 (0)20 7383 5100
philip.j.secrett@uk.gt.com
David Benda / Hugh Jonathan
Numis Securities Limited, Broker
+44 (0)20 7260 1000
funds@numis.com
This information is provided by RNS
The company news service from the London Stock Exchange
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