Overview
On 14 October VinaLand announced it had sold its NPV project in Danang. The Project is a future development site and was acquired by VinaLand in 2007 for development into a dual purpose commercial and residential project. The divestment of this project is consistent with the Company’s strategy to divest selected assets by the end of the current term. VinaLand will dispose of its entire 100% stake in the NPV Project at a total valuation 29.4% above the 30 September 2015 unaudited net asset value and 51.7% above the net asset value at the time of VinaLand’s extraordinary meeting (EGM) in November 2012 (when the company was put upon the path of realising its portfolio).
The Company’s stake in the project will result in net proceeds of USD19.1 million, of which the first tranche of USD15.8 million will be received by the Company during October 2015 with the second and final payment scheduled to be received by no later than the long stop date of 31 October next year.
VNL : VinaLand sells NPV project