20th Oct 2015 08:16
LONDON (Alliance News) - VinaLand Ltd Tuesday reported a 0.7% fall in net asset value per share for its recently ended financial year.
The Vietnam real-estate targeting investment firm reported a net asset value per share as at end-June of USD0.91, down from USD0.92 pence a year before.
VinaLand said that throughout the year, and particularly since the beginning of 2015, stability in Vietnam's macroeconomic environment and improvement in liquidity in the banking system, as well as growing confident in the property sector, has allowed for Vietnam's real estate market to begin a "meaningful recovery."
It expects this to continue throughout the year, and this positive recovery will provide a "stable platform" for it to speed up the implementation of its divestment strategy it began three years ago.
The company has completed ten divestments and one partial divestment since it opted to begin a three-year 'cash return period' after an extraordinary general meeting in November 2012, although this is below the targets it had set for itself, mostly due to a "much slower than expected" recovery of Vietnam's economy.
During the year 28.6 million shares were repurchased and cancelled, meaning that it has now cancelled 69.8 million shares in total, or 13.97% of its total shares in issue prior to beginning its share buyback programme.
Shares in VinaLand were untraded Tuesday morning. It last closed at 0.565 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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