VinaLand Limited Divestment of stake in Project Ceana (2648P)

TIDMVNL

RNS Number : 2648P

VinaLand Limited

16 November 2016

16 November 2016

VinaLand Limited ("the Company" or "VNL")

Divestment of stake in Project Ceana

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 Project Ceana. The project, acquired by VNL in 2007, is a 7.3 hectare parcel of land located in Dien Ban District, Quang Nam Province and has approval for a future villa resort development.

VNL has disposed of its entire stake at a total valuation 12.9% above the 30 September 2016 unaudited net asset value and 42.5% 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 proceeds of USD7.6 million to VNL which at the time of this announcement have been received in full.

Speaking on the transaction, Managing Director David Blackhall stated, "The disposal was approved by the Board prior to 21 November 2015 and in accordance with the previously stated policy, 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."

Enquiries:

Jonathan Viet Luu

VinaCapital Investment Management Limited

Investor Relations

[phone]

[e-mail]

Joel Weiden

VinaCapital Investment Management Limited

Communications

[phone]

[e-mail]

Philip Secrett

Grant Thornton UK LLP, Nominated Adviser

[phone]

[e-mail]

David Benda / Hugh Jonathan

Numis Securities Limited, Broker

[phone]

[e-mail]

This information is provided by RNS

The company news service from the London Stock Exchange

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November 16, 2016 02:00 ET (07:00 GMT)