VinaLand Limited Partial divestment in My Gia Project (7127D)
April 28 2017 - 7:08AM
UK Regulatory
TIDMVNL
RNS Number : 7127D
VinaLand Limited
28 April 2017
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 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
END
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