4th Sep 2015 07:08
LONDON (Alliance News) - VinaLand Ltd on Friday said it has struck a deal to sell its stake in the company behind the HAS Project in Vietnam to Gold Yield Enterprises Ltd.
VinaLand acquired the site in 2007 for development into a mixed-use township which would include residential, commercial, hospitality, leisure and gaming properties. It has sold the site for USD10.5 million and it said the disposal has been made at a value 53.5% above the net asset value of the investment at the end of June.
VinaLand said, however, that its investment manager, VinaCapital, will remain involved in the project on request of the buyer, given the complexities involved in getting all the necessary work completed.
"The project was acquired in 2007 on the basis that essential infrastructure was to be completed within a given timeframe and market conditions supported such a large scale development, however, these did not eventuate as expected," said David Blackhall, VinaLand's managing director.
Shares in VinaLand were untraded early Friday, having last traded at 0.528 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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