27th Mar 2018 17:27
LONDON (Alliance News) - Investment firm VinaLand Ltd said Tuesday both its net asset value and net asset value per share fell in its first half due to cash being returned to shareholders, as it liquidates its portfolio.
Net asset value at the end of the six months to December was USD119.3 million, compared to USD241.5 million at the end of June. VinaLand's net asset value per share at the period end was USD0.66, down from USD0.94 at the end of June.
The company, which focuses on real estate in Vietnam, said this was due to a USD43.0 million tender offer, its USD60.4 million capital distribution, and its ongoing buyback.
During the half, Vinaland disposed of four projects for a total of USD86.0 million in total, and has made "considerable" progress on other disposals as it looks to sell of its entire portfolio.
VinaLand said the real estate market in Vietnam continues to be upbeat, with the company hopeful this will support its divestment plans.
Shares closed down 0.8% on Tuesday at USD0.60.
Related Shares:
VNL.L
