29th Mar 2016 11:04
LONDON (Alliance News) - Vietnam Infrastructure Ltd on Tuesday said its net asset value fell in the first half of its financial year, primarily due to the company holding its first tender offer and returning assets to shareholders during the period.
The company, which is managed by VinaCapital and invests in infrastructure assets in Vietnam, said its net asset value dropped to USD149.3 million from USD202.5 million in the six months to December 31.
Vietnam Infrastructure separated the private equity and listed assets of its portfolio into two distinct pools in July 2015, following which each pool had its own net asset value per share and share price. The company said between July 27 and December 31, the net asset value per share of the listed portfolio shares rose 3.9% to USD0.3117 from USD0.3001, whilst the net asset value per share of its private equity shares fell 9.0% to USD0.2705 from USD0.2972.
In August, Vietnam Infrastructure held its first tender offer in which 175.1 million listed portfolio shares were repurchased and cancelled, and USD48.1 million of assets were returned to shareholders in the form of 4.9 million Class A VVF shares.
Another tender offer was held in February, in which 67.8 million listed portfolio shares were repurchased and cancelled, and 2.0 million Class A VVF shares, or USD19.9 million of assets, were returned to shareholders.
Vietnam Infrastructure said all remaining listed portfolio shares in issue will be compulsorily repurchased on August 17, at which point the shares will be cancelled from AIM.
"The global markets have started 2016 with a great deal of turmoil, and Vietnam has not been immune from that. Nevertheless, the macroeconomic indicators in the country continue to be amongst the strongest in the world, and we are hopeful that this positive environment will enable the company to make further progress toward meeting our goals and realizing value for shareholders," said Chairman Rupert Carington.
Both Vietnam Infrastructure's private equity shares and listed portfolio shares were untraded on Tuesday, with the private equity shares last trading at USD0.182 and the listed portfolio shares at USD0.280.
By Hannah Boland; [email protected]; @Hannaheboland
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