VinaLand has sold its Project Phu Hoi City stake – VinaLand Limited has sold its entire stake in Project Phu Hoi City, a development project located in Dong Nai province, Vietnam. The project, which was acquired by VinaLand in 2007, is an 84-hectare parcel of land that has received approval for a future residential-township development.
VinaLand has sold its entire stake in the project at a total valuation 2.0% above the one used to work out the 30 September 2017 unaudited net asset value and 3.3% above the unaudited net asset value at the time of VinaLand’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 USD15.8 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.”
VNL : VinaLand has sold its Project Phu Hoi City stake