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VinaLand sells My Gia stake

VinaLand sells My Gia stake – VinaLand Limited has announced that, further to the announcement dated 28 April 2017, it has divested its remaining stake in the My Gia project to a Vietnamese development company.  The My Gia township development project is located in Khanh Hoa Province and was acquired by VNL in 2008.

VNL’s disposal of its entire remaining stake in the project has resulted in net cash proceeds of a further USD5.9 million, being VNL’s share of the proceeds at a total valuation 0.7% above the unaudited net asset value at 30 June 2017 and 25.1% below the net asset value at the time of VNL’s extraordinary general meeting in November 2016, which includes adjustments for additional investments and the repayment of the VNL shareholder loans since November 2016.  At the time of this announcement all proceeds have been received.

Speaking on the transaction, Managing Director David Blackhall stated, “This disposal is a good result for VNL in particular as it extinguished USD2.4 million of project company debt attributable to VNL.  This exit is in accordance with the current stated policy to divest projects in a controlled and orderly manner. The proceeds received from this disposal will, in conjunction with those collected from past disposals, be used to cover VNL’s commitments including operating costs, capital contributions and distributions to shareholders.”

About My Gia:

“My Gia is one of the largest township projects in Nha Trang. Located within the site area of 181,96 ha, the township is a unique combination of residential, retail and leisure facilities. Just more than 3km from the coast and city center of Nha Trang, with a great fengshui location “River at the front and backed by the mountains”, the owners will enjoy a modern living environment in an established community with a beautiful landscape and a logical master plan – an excellent investment at a reasonable price.”

VNL : VinaLand sells My Gia stake

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