26th Sep 2014 07:00
LONDON (Alliance News) - Vietnam-focused investment company VinaCapital Vietnam Opportunity Fund Ltd said Friday it has finalised a share purchase agreement to sell its stake in An Giang Plant Protection JSC to Standard Chartered Private Equity Ltd, the private equity and venture capital arm of Standard Chartered PLC.
VinaCapital will sell its 23.6% stake in An Giang, the Vietnam-based pesticides maker, for USD63.1 million in cash.
Andy Ho, Chief Investment Officer at VinaCapital, said the proceeds from the divestment will be used to pursue some potential private equity investment opportunities and to fund its ongoing share buyback programme.
"This significant divestment highlights the quality of VinaCapital's overall investment portfolio and provides further evidence to support our belief; that VinaCapital's share price to net asset value discount is too wide," Ho added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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Related Shares:
VinaCapital Vietnam Opportunity FundStandard Chartered