VinaLand sells stake in Vietnam project

16th Nov 2016 08:33

(ShareCast News) - VinaLand, the AIM-quoted investment vehicle established to target strategic segments within Vietnam's emerging real estate market, said it has divested its stake in Project Ceana for $7.6m.The project, acquired by VNL in 2007, is a 7.3 hectare parcel of land located in Dien Ban District, Quang Nam Province and has approval for a future villa resort development.VNL said it had disposed of its stake at a total valuation 12.9% above the 30 September 2016 unaudited net asset value and 42.5% below the net asset value at the time of VNL's previous extraordinary general meeting in November 2012, including adjustments for additional investments over this period.Managing director David Blackhall said the proceeds, "in conjunction with those collected from past and future disposals will be used to cover VNL's commitments including operating costs and distributions to shareholders".