VinaLand Limited Divestment of the stake in the Dai Phuoc Lotus (1092C)
April 10 2017 - 11:19AM
UK Regulatory
TIDMVNL
RNS Number : 1092C
VinaLand Limited
10 April 2017
10 April 2017
VinaLand Limited (the "Company" or "VNL")
Divestment of the stake in the Dai Phuoc Lotus 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
entire stake in the Dai Phuoc Lotus project, located in Dong Nai
province, Vietnam (the "Project"). The Project consists of a total
site area of 198.5ha and was acquired by VNL in 2007. The Project
is residential development and is split into 6 zones. It is
currently undergoing its first phase of construction and sales in
one zone, with a further zone having received Master Plan approval
for development.
VNL disposed of its entire stake in the Project to a company in
the China Fortune Land Development Co., Ltd group for net cash
proceeds of approximately USD48.8million, resulting of an IRR of
-3.0% to the Company. The total valuation was 11.2% above the 31
December 2016 audited net asset value and 21.8% above the unaudited
net asset value at the time of VNL's extraordinary meeting in
November 2016, both figures include adjustments for additional
investments up to the date of exit. The proceeds have been fully
received at the time of this announcement.
Speaking on the transaction, Managing Director David Blackhall
stated, "This disposal is in accordance with the current 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."
More information on the Company is available at
www.vnl-fund.com.
Enquiries:
Jonathan Viet Luu
VinaCapital Investment Management Limited
Investor Relations
+84 8 3821 9930
jonathan.luu@vinacapital.com
Joel Weiden
VinaCapital Investment Management Limited
Communications
+84 8 3821 9930
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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