13th Jun 2016 16:26
13 June 2016
Vietnam Infrastructure Limited ("the Company" or "VNI")
Divestment of stake in the Vina-CPK Limited Company
Ho Chi Minh City - Vietnam Infrastructure Limited, the AIM-quoted investment vehicle established to target infrastructure and related investments within Vietnam's emerging market, announces that it is divesting its entire stake in the Vina-CPK Limited Company ("Vina-CPK"). The company is located in Vinh Phuc, Vietnam, and operates industrial park and infrastructure projects with an investment license of up to 49 years which was acquired by VNI in 2009.
VNI will dispose of its entire stake to Phuc Hung Import Export Company Limited, at a sale price of USD22.1 million at today's exchange rate, which will be paid in cash. Compared to the audited NAV attributable to the investment of USD21.2m as at 31 December 2015, VNI has made a profit on the transaction of approximately USD935,000. At the time of this announcement 80% of the proceeds have been received, with the remaining 20% to be received within the next 6 months. The proceeds of the transaction will be used to make capital distributions to shareholders.
VNI Managing Director Tony Hsun said, "With this divestment, we are on the right track to divest all assets by June 2017."
Enquiries:Jeremy Greenberg
VinaCapital Investment Management Limited
Investor Relations
+84 8 3821 9930
Joel Weiden
VinaCapital Investment Management Limited
Communications
+84 8 3821 9930
Philip Secrett
Grant Thornton UK LLP, Nominated Adviser
+44 (0)20 7383 5100
David Benda / Hugh Jonathan
Numis Securities Limited, Broker
+44 (0)20 7260 1000
Daniel Jason
Peregrine Communications, Public Relations (London)
+44 (0) 20 3040 0872
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