8th Apr 2016 13:19
LONDON (Alliance News) - VinaLand Ltd on Friday said it has sold its stakes in both the Marina project and Parcel 5 of the My Gia project for a total USD6.2 million.
The Vietnam focused real estate investor sold its stake in the Marina project in Danang for net proceeds of USD1.3 million, at a total valuation 0.4% above its net asset value at end-March.
VinaLand has sold its entire stake in Parcel 5, a block of land located in the My Gia township development project in Khanh Hoa Province, for USD4.9 million, a total valuation 40.9% ahead of its NAV at end-March.
VinaLand said the sales were in line with its strategy of realising its assets.
"The proceeds of the Marina project will be used to cover VNL's capital commitments and operating costs, while the proceeds of Parcel 5 will be used to reduce project company debt and operating costs," said Managing Director David Blackhall in a statement.
Shares in VinaLand were untraded Friday. They last closed at USD0.660.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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