Vinaland divests its stake in Project SDC – Vinaland has announced that it has divested its entire stake in Project SDC. The Project, which is located in Ho Chi Minh City, was acquired by Vinaland in 2007 and is designated for a commercial use development.
Disposal value is 35% below its value at Vinaland’s November 2016 EGM
Vinaland says that the sale has resulted in net proceeds of US$2.5m, which it has received in full. However, while Vinaland has disposed of its entire stake in the project at a total valuation 0.9% above the 31 March 2018 unaudited net asset value, this is some 35% below the unaudited net asset value at the time of VNL’s extraordinary meeting in November 2016 (both figures reportedly include adjustments for additional investments up to the date of exit).
About Vinaland
Vinaland was established to invests in key growth segments within Vietnam’s emerging real estate market, including residential, office, retail, hospitality and township projects. Following its launch in 2006, the manager’s objective is to provide shareholders with an attractive level of income as well as creating a potential for capital growth.
On 21 November 2012, Vinaland held an EGM whereby shareholders supported both recommendations put forth by the Board regarding the continuation of the Company. Both resolutions were passed, and the Ordinary Resolution establishes the framework to restructure the Company including changes to the Company’s investment strategy, distribution policy, investment manager’s remuneration and improvements in corporate governance.
At an EGM on 18 November 2016, shareholders voted for the investment manager, VinaCapital, to continue managing Vinaland’s portfolio with the primary objective being to continue with the project disposals in a controlled and orderly manner enabling distributions to shareholders.
Vinaland divests its stake in Project SDC : VNL