25th Apr 2016 08:10
LONDON (Alliance News) - Property developer Aseana Properties Ltd said Monday it has sold 2.0 million shares in investee company Nam Long Investment Corp, reducing its stake to 5.5%.
Aseana had previously held a 6.9% stake in the Vietnamese real estate developer.
Aseana said it sold the shares for a total of USD2.0 million on Wednesday, or USD1.00 per share. In line with International Financial Reporting Standards, the value of Aseana's holding had been marked to market in its books against Nam Long's share price, the company added.
Aseana said the disposal reflects its on-going effort to strategically reduce its holding in Nam Long at the appropriate time and price in line with its divestment strategy, and its intention to make capital distributions to shareholders upon receipt of consents from its lenders.
Shares in Aseana were untraded on Monday, having last traded at USD0.440.
By Hannah Boland; [email protected]; @Hannaheboland
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