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VinaCapital Vietnam Opportunity sells unnamed asset for $100m

VinaCapital Vietnam Opportunity has made $40m by selling an unnamed asset valued at $60m in their books for $100m. They buyer is a newly formed consortium. VinaCapital Vietnam Opportunity expects to sign and close a Share Purchase Agreement within 21 days.

VinaCapital Vietnam Opportunity will receive minimum net proceeds of USD100 million from the sale of the Asset, with USD37 million payable upon the signing and closing of the Share Purchase Agreement and the balance payable in two annual instalments.

They say that, given the complexity of the divestment, VinaCapital Group and Don Lam, the CEO and a shareholder of VinaCapital Group, will continue to be involved in the oversight of the Asset, and are expected to participate with a non-controlling interest in the Consortium.  The Board of VinaCapital Vietnam Opportunity has considered the sale of the Asset independently and has approved the sale of the Asset to the Consortium.

Managing Director Andy Ho commented, “We are delighted to have reached this agreement and we look forward to redeploying the proceeds into the many new opportunities in this market as well as toward our ongoing share buyback programme.”

VOF : VinaCapital Vietnam Opportunity sells unnamed asset for $100m

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