VinaLand Limited Divestment of stake in Project SDC (1116Q)
June 04 2018 - 1:00AM
UK Regulatory
TIDMVNL
RNS Number : 1116Q
VinaLand Limited
04 June 2018
04 June 2018
VinaLand Limited (the "Company" or "VNL")
Divestment of stake in Project SDC
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 Project SDC (the "Project"), located in Ho Chi Minh
City, Vietnam. The Project, acquired by VNL in 2007, is designated
for a commercial use development.
VNL has disposed of its entire stake in the Project at a total
valuation 0.9% above the 31 March 2018 unaudited net asset value
and 35% below 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. This
transaction has resulted in net proceeds of USD2.5 million 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 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."
For enquiries:
Jonathan Viet Luu / Joel Weiden
VinaCapital Investment Management Limited
Investor Relations / Communications
+84 28 3821 9930
jonathan.luu@vinacapital.com / 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
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END
DISFJMLTMBTMMJP
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