13th Jun 2016 15:31
LONDON (Alliance News) - Vietnam Infrastructure Ltd on Monday said it is selling its entire stake in Vina-CPK Ltd to Phuc Hung Import Export Company Ltd for USD22.1 million in cash at current exchange rates.
In a statement, the AIM-quoted investment vehicle said that compared to the audited NAV attributable to the investment of USD21.2m at the end of 2015, Vietnam Infrastructure has made a profit on the transaction of approximately USD935,000.
So far, 80% of the proceeds have been received, with the remaining 20% to be received within the next six months. The proceeds of the transaction will be used to make capital distributions to shareholders.
VNI Managing Director Tony Hsun said: "With this divestment, we are on the right track to divest all assets by June 2017."
Shares in Vietnam Infrastructure were untraded Monday afternoon in London.
By Samuel Agini; [email protected]; @samuelagini
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