SGLV Sgl Vietnam

    RNS Number : 5955X
  SGL Vietnam Development Limited
  26 June 2008
   

    26 June 2008

    SGL Vietnam Development Limited (the "Company")


    Investment Agreement with Spinnaker Asset Management Limited 

    The Company is pleased to announce that it has entered into an Investment Agreement with Spinnaker Asset Management Limited ("SAM") on
25 June 2008. 

    As detailed in the Company's admission document dated 15 October 2007 (the "Admission Document"), each of the Cornerstone Investors and
Placees (as defined in the Admission Document) who initially subscribed for shares in the Company (together, the "IPO Original
Shareholders") were given rights to co-invest in future development projects to be undertaken by the Company. 

    SAM, one of the IPO Original Shareholders, invested US$3,000,000 in the Company at Admission and has expressed a desire to participate
in development projects to be undertaken by the Company. As such, the Company has entered into an investment agreement with SAM. The key
terms of the investment agreement are:

    *     SAM can invest up to 49% of the Company's equity portion in up to 4 individual projects with a total investment commitment not
exceeding US$100 million.
    *     SAM has the right to purchase any equity available to the Company in development projects which the Company does not intend to
take up.  

    Both of the above terms are strictly subject to the co-investment rights of the IPO Original Shareholders. The Investment Agreement with
SAM will not prejudice the rights of the IPO Original Shareholders as the investment agreement will remain subject to those rights. 

    On all future projects, subject to Board approval, the Company will liaise with each of the IPO Original Shareholders in order to
ascertain whether there is any appetite for co-investment. 

    George Goh, a Director of the Company said "the cooperation with SAM could lead to the target of larger projects and SGL will benefit
from improved profile following a more formal relationship".


    For further information, please contact:
    SGL Capital Investment Management Limited (Investment Manager)
    Mr. Goh Ching Wah: +65 6543 5881

    Collins Stewart
    Adrian Hadden, Stewart Wallace: +44 (0)20 7523 8350



    END

This information is provided by RNS
The company news service from the London Stock Exchange
 
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