18th Mar 2015 09:54
LONDON (Alliance News) - Vietnam-focused real estate investor VinaLand Ltd on Wednesday said it has sold its 15.0% stake in Sai Gon Quy Nhon Tourism JSC, the owner of the SGT Quy Nhon Hotel in the Binh Dihn Province in Vietnam.
VinaLand said the sale, done at a valuation 27.3% above the unaudited net asset value of the investment at the end of December, has generated it net proceeds of USD630,000. It acquired the 4-star, 148-room hotel in 2008 and said the divestment is in line with its wider asset disposal strategy.
"The proceeds will be deployed to cover capital commitments and operating costs of the company and any remaining funds will be deployed towards the share buyback programme," said VinaLand Managing Director David Blackhall.
Shares in VinaLand were untraded Wednesday, having last traded at 0.515 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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