StockMarketWire.com - Vietnam real estate investor VinaLand said it had agreed to sell its last asset -- a stake in a mixed-use development in Ho Chin Minh City -- to Van Thanh Real Estate Investment for $35.3m.

The project consisted of total land area of around 15.7 hectares and was acquired by VinaLand in 2007.

The sale valuation was recorded at 22.5% above the 30 September 2018 unaudited net asset value, and 14.8% above the unaudited net asset value at the time of VinaLand's extraordinary meeting in November 2016.

VinaLand said it had also received the final return from the development of the Garland project, also in Ho Chi Minh City, with net proceeds of $0.9m, which was 37.8% below the net asset value at the time of the 2016 EGM.

'The divestment of VinaLand's last two projects are in accordance with the stated policy to divest projects in a controlled and orderly manner,' managing director David Blackhall said.

'The proceeds received from these final disposals, in conjunction with proceeds collected from earlier disposals will be used for shareholder distributions after setting aside funds to cover VinaLand's commitments, including operating and liquidation costs.'

VinaLand said following the disposal of all projects, it would pay a distribution of $0.31 per share.




At 1:28pm: [LON:VNL] Vinaland Ltd share price was +0.03p at 0.3p



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