Vinaland ZDP Ltd Divestment of stake in Project Ceana (2655P)
November 16 2016 - 2:00AM
UK Regulatory
TIDMVNLZ
RNS Number : 2655P
Vinaland ZDP Ltd
16 November 2016
16 November 2016
VinaLand ZDP Ltd
Divestment of stake in Project Ceana
VinaLand ZDP Ltd, admitted to the main market of the London
Stock Exchange, announces that today its parent company VinaLand
Limited ("VNL") made the following announcement:
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 Ceana. The project, acquired by VNL in 2007, is a
7.3 hectare parcel of land located in Dien Ban District, Quang Nam
Province and has approval for a future villa resort
development.
VNL has disposed of its entire stake at a total valuation 12.9%
above the 30 September 2016 unaudited net asset value and 42.5%
below the net asset value at the time of VNL's previous
extraordinary general meeting (EGM) in November 2012, including
adjustments for additional investments over this period. This
transaction has resulted in net proceeds of USD7.6 million to VNL
which at the time of this announcement have been received in
full.
Speaking on the transaction, Managing Director David Blackhall
stated, "The disposal was approved by the Board prior to 21
November 2015 and in accordance with the previously stated policy,
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."
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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