VinaLand Limited Divestment of stake in Project BD (9739U)
January 25 2017 - 2:50AM
UK Regulatory
TIDMVNL
RNS Number : 9739U
VinaLand Limited
25 January 2017
25 January 2017
VinaLand Limited ("the Company" or "VNL")
Divestment of stake in Project BD
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 Project BD. The project, acquired by VNL in 2007, is a
94.7 hectare parcel of land located in Binh Duong Province and has
approval for a future residential-township development.
VNL has disposed of its entire stake at a total valuation 17.4%
below the unaudited net asset value at the time of VNL's recent
extraordinary general meeting (EGM) in November 2016, including
adjustments for additional investments over this period. This
transaction has resulted in net proceeds of USD10.9 million to VNL
which at the time of this announcement have been received in
full.
Speaking on the transaction, Managing Director David Blackhall
stated, "This disposal is in accordance with both the pre/post 2016
EGM stated policy to divest projects in a controlled and orderly
manner, the proceeds received from this exit in conjunction with
those collected from past and future disposals will be used to
cover VNL's commitments including operating costs and distributions
to shareholders."
This information is provided by RNS
The company news service from the London Stock Exchange
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January 25, 2017 02:50 ET (07:50 GMT)
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