14th Feb 2014 09:34
LONDON (Alliance News) - Aseana Properties Ltd Friday said its stake in its investee company Nam Long Investment Corp fell by 3.4 percentage points after the Vietnamese firm completed a USD21.8 million placement to fund its development pipeline.
Nam Long Investment Corp completed a placing of 25.5 million shares at about USD0.855 per share to a list of prominent institutional investors, including the International Finance Corp, part of the World Bank, and Bridger Capital. Nam Viet Ltd, part of Goldman Sachs, also is an existing shareholder in Nam Long, which was listed on the Ho Chi Minh Stock Exchange in April 2013.
On completion of the new placing, Aseana's effective stake in Nam Long fell to 12.9% from 16.3%, as it didn't participate.
The placing price represents a 7.1% premium above the value Aseana attributed to its holdings as at September 30, 2013.
Nam Long is a Vietnamese property development company with a track record of over 20 years and is a leading player in the real estate market in Ho Chi Minh City. It currently has a land bank of over 560 hectares mainly in Ho Chi Minh City and neighbouring provinces.
Through its partnership with Nam Long, Aseana is co-developing the Waterside Estates in District 9 of Ho Chi Minh City.
Aseana shares were trading at 0.430 pence Friday morning, down 0.010 pence or 2.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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