16th Aug 2010 07:00
RNS Reach
16 August 2010
Vietnam Infrastructure Limited
Long An port and IP project holds groundbreaking ceremony
Vietnam Infrastructure Limited (the "Company" or "VNI") (VNI.L), the first publicly traded fund to focus on infrastructure assets in Vietnam, announces today that a groundbreaking ceremony was held for the Long An International Port, Industrial Park and Service Area.
The Long An International Port, Industrial Park and Service Area is a 1,925-hectare greenfield project in Long An Province, 30km south of Ho Chi Minh City. The project is divided into four components, comprising a 396ha industrial park, a 236ha industrial service area, a 1,145ha residential area and a 145ha sea port with 2.4km of frontage. The port and industrial park components have received their investment licences.
The 8 August 2010 groundbreaking ceremony was attended by central and provincial authorities, consular representatives and business leaders.
VNI's partner in the Long An project is Dong Tam Group, a large Vietnamese corporation with a solid track record in property development, including the 314ha Thuan Dao-Ben Luc Industrial Park in Long An Province.
In November 2009, Dong Tam entered into an agreement to progressively invest into the Long An project. Dong Tam will eventually hold a 50 percent stake in each of the four project components.
VNI will hold a 50 percent stake in the port and a 37.5 percent stake in the IP and industrial service area, while the VinaCapital Vietnam Opportunity Fund Limited (VOF) and VinaLand Limited (VNL) will hold a 50 percent stake in the residential area and 12.5 percent stakes in the IP and industrial service areas.
Tony Hsun, managing director of VNI's investment manager, says: "The Long An project is one of the largest mixed-use industrial projects of its kind, located in one of Vietnam's fastest growing regions. The location is close to Ho Chi Minh City in an area that will grow to become Vietnam's industrial heartland, with numerous seaports that will gradually replace the inner city Saigon Port.
"We are thrilled to reach this milestone and expect substantial long-term benefit to shareholders as the project moves into its phase," Tony says.
Notes to Editors:
VinaCapital Group is a leading asset management, investment banking and real estate consulting firm with unrivalled experience in the Vietnamese market. VinaCapital Group was founded in 2003 and has grown from a single USD10 million fund to a diversified investment firm with USD1.8 billion in assets under management as of June 2010.
VinaCapital Investment Management Ltd manages three closed-end funds trading on the AIM Market of the London Stock Exchange. These are:
·; Vietnam Opportunity Fund (VOF) is a diversified investment fund that has consistently been among the top performing Vietnam funds.
·; VinaLand Limited (VNL) is a real estate fund that was the top performing Vietnam investment fund in 2008.
·; Vietnam Infrastructure Limited (VNI) is a fund established in July 2007 as the first overseas fund to invest solely in Vietnam's infrastructure sector.
VinaCapital also co-manages the DFJ VinaCapital technology venture capital fund with Draper Fisher Jurvetson, and owns a dominant stake in VinaSecurities JSC, a brokerage. More information is available at www.vinacapital.com.
More information on Vietnam Infrastructure Limited is available at www.vinacapital.com/vni.
Enquiries:
Michael L. Gray
VinaCapital Investment Management Limited
Investor Relations/Communications
+84 8 821 9930
Hiroshi Funaki
LCF Edmond de Rothschild Securities, Broker
+44 20 7845 5960
Alastair Hetherington
Financial Dynamics, Public Relations (Hong Kong)
+852 3716 9802
Andrew Walton
Financial Dynamics, Public Relations (London)
+44 2072697204
Philip Secrett
Grant Thornton Corporate Finance, Nominated Adviser
+44 20 7383 5100
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