23rd Jul 2018 11:54
LONDON (Alliance News) - VinaLand Ltd said Monday it has disposed of its final two assets and is now beginning with the wind-up of the company.
The Vietnam-focused strategic investment company has divested its interest in a small operating hotel known as the SGPY project for net proceeds of USD300,000. This is equal to the stake's net asset value at March 31.
VinaLand sold its interest to Crescent Bay Developments PTE Ltd, which is owned by VinaCapital Holdings Ltd. VinaCapital Holdings is in turn controlled by VinaCapital Group Ltd.
The second divestment, 196HVT, is a site which has been approved for a hospitality development. VinaLand sold its stake in the project for net proceeds of USD2.8 million, 22% above its March 31 NAV. VinaLand said all proceeds have already been received.
These were VinaLand's final assets, meaning the company now has one year to cancel its shares.
"Both of these disposals are in accordance with the current strategy to divest projects in a controlled and orderly manner and transition the company to de-list and wind up over the next 12 months, ultimately resulting in voluntary liquidation," said VinaLand Managing Director David Blackhall.
"The proceeds received from these exits in conjunction with those collected from past and future disposals will be used to cover VinaLand's commitments including operating costs and distributions to shareholders," Blackhall continued.
Shares in VinaLand were down 1.9% at USD0.26 on Monday.
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