25th Jul 2014 12:59
LONDON (Alliance News) - VinaLand Ltd said Friday that it has sold its stake in a company that owns the Marie Curie project in District 3, Ho Chi Minh City.
The investment vehicle said it had decided it would no longer proceeds with the development of the site in light of current market conditions and its ongoing divestment strategy.
The Marie Curie project was a site with a total area of 3,386 square metres, which it acquired in 2008.
It will sell its entire 64.5% stake in the project at a valuation 14.3% above the unaudited March 31, 2014 net asset value of the investment and 24.6% above the net asset value at the time of its extraordinary meeting in November 2012.
With around 90% of the proceeds received, VinaLand expects the transaction to be finished in August.
"The proceeds will be deployed to cover the continuation of the share buyback programme and operating costs," said Managing Director David Blackhall in a statement.
Shares in VinaLand were trading down 0.2% at USD0.545 Friday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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