Vinaland ZDP Ltd Divestment of stake in the Resort Project (2251H)
15 Agosto 2016 - 6:30PM
UK Regulatory
TIDMVNLZ
RNS Number : 2251H
Vinaland ZDP Ltd
15 August 2016
15 August 2016
VinaLand ZDP Ltd
Divestment of stake in the Resort Project
VinaLand ZDP Ltd, admitted to the main market of the London
Stock Exchange, announces that today its parent company VinaLand
Limited ("VNL") made the following announcement:
Ho Chi Minh City - VinaLand Limited, the AIM-quoted investment
vehicle established to target strategic segments within Vietnam's
emerging real estate market, announces that it has divested its
stake in the Resort Project, which was acquired by VNL in 2006 and
is situated on 28.5ha of land in Danang. VNL has disposed of its
entire stake at a total valuation 1.0% below the 30 June 2016
unaudited net asset value and 66.8% below 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 has resulted in net cash
proceeds of USD7.0 million to VNL which at the time of this
announcement have been received in full.
Speaking on the transaction, VNL Managing Director David
Blackhall stated, "Proceeds received from this exit in conjunction
with those collected from past and future disposals will support
the Company in reaching its objectives by November 2016. The
combined proceeds will be used to cover VNL's commitments including
operating costs and distributions to shareholders between now and
November 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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