VinaLand sells Trinity Garden – VinaLand Limited has divested its entire stake in the Trinity Garden project.
The project, located in Ho Chi Minh City, Vietnam and acquired by VinaLand in 2007, is a 13.7-hectare parcel of land designated for a future development. VinaLand will divest its entire stake in the project to Ms. Tran Thi Thu Ha at a valuation of 2.6% above the 30 September 2017 unaudited net asset value and at 3.5% 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 will result in net cash proceeds of USD23.1 million, and at an IRR of -1.8%. At the time of this announcement, the company has received USD12.7 million from this transaction, with the remaining proceeds expected to be received by no later than February 2018.
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 VinaLand’s commitments including operating costs and distributions to shareholders.”
VNL : VinaLand sells Trinity Garden