VinaLand and Vietnam Opportunity sell stake in Project Pham Hung

VinaLand Limited and Vinacapital Vietnam Opportunity have announced that they are divesting their stakes in Project Pham Hung. The project, acquired by VNL and VOF in 2007, is a 2.4 hectare parcel of land located in Hanoi and has planning approval for a future mixed use development.

VNL will dispose of its entire stake at a total valuation 0.2% below the 31 March 2016 unaudited net asset value and 69.8% above 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 will result in net cash proceeds of USD16.2 million to VNL. At the time of this announcement USD13.6 million of the proceeds have been received, with the remaining proceeds expected to be received by no later than July 2016. This transaction will result in net cash proceeds of USD5.4 million to VinaCapital Vietnam Opportunity, compared to a carrying value of USD3.4 million as at 31 December 2015. At the time of this announcement USD4.5 million of the proceeds have been received, with the remaining proceeds expected to be received by no later than July 2016.

This disposal was approved by the VinaLand Board prior to 21 November 2015, and in accordance with the previously stated policy, the proceeds received from this exit, in conjunction with the collection of proceeds from past disposals will ensure the Company is on track to achieve its objectives prior to 21 November 2016. The combined proceeds have been used to cover VNL’s commitments including operating costs, accrued performance fee and distributions to shareholders.

VNL : VinaLand and Vietnam Opportunity sell stake in Project Pham Hung