9th Jun 2015 07:30
LONDON (Alliance News) - Aseana Properties Ltd Tuesday said it has cut its stake in Vietnam real estate developer Nam Long Investment Corp to 10.14% from 11.63%, realising VND40 billion on the sale of 2.0 million shares at VND20,000.
The Malaysia and Vietnam property development company said the sale price was an 11.7% premium to the value attributed to its holdings in Nam Long at the end of March and a 5.3% premium to the closing price of Nam Long's shares on the Ho Chi Minh Stock Exchange on Monday.
"The disposal reflects Aseana's on-going effort to strategically reduce its holding in Nam Long at the appropriate time and price, and to optimise its investment portfolio," Aseana said.
Aseana shares were untraded on Tuesday morning in London. The stock last traded at USD0.565.
By Samuel Agini; [email protected]; @samuelagini
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