Aseana Properties Limited Aseana reduces stake in investee Company (5642P)
June 09 2015 - 2:00AM
UK Regulatory
TIDMASPL
RNS Number : 5642P
Aseana Properties Limited
09 June 2015
9 June 2015
Aseana Properties Limited
("Aseana")
Aseana reduces stake in investee Company
Aseana Properties Limited (LSE: ASPL), a property developer in
Malaysia and Vietnam, listed on the Main Market of the London Stock
Exchange, announces that it has realised VND40 billion (US$1.83
million*) on the sale of 2.0 million shares in Nam Long Investment
Corporation ("Nam Long"), a real estate developer in Vietnam listed
on the Ho Chi Minh Stock Exchange (HOSE: NLG), at VND20,000
(US$0.917*) per share, as at 8 June 2015.
Following the sale, Aseana's effective stake in Nam Long is
reduced from 11.63% to 10.14%. The sale price represents a 11.7%
premium to the value Aseana attributed to its holdings as at 31
March 2015, and 5.3% premium to the closing price of Nam Long's
shares on 8 June 2015. In line with International Financial
Reporting Standards, the value of Aseana's holding is
'marked-to-market' against Nam Long's share price as quoted on
HOSE, at the close of each reporting period.
Nam Long is an established property development company with a
track record of more than 20 years and is a leading player in the
real estate market in Ho Chi Minh City, Vietnam. Nam Long's
affordable housing projects, branded as "E-Homes", continue to be
their main revenue driver. The high quality and low prices have
made its E-Homes brand the preferred brand among prospective home
buyers in Vietnam. Nam Long currently has a land bank of over 560
hectares mainly in Ho Chi Minh City and neighbouring provinces,
making it one of the largest property developers by land bank in Ho
Chi Minh City.
The disposal reflects Aseana's on-going effort to strategically
reduce its holding in Nam Long at the appropriate time and price,
and to optimise its investment portfolio. It is envisaged that the
proceeds raised from disposal will be applied towards a pool of
capital to be returned to the shareholders of Aseana as
communicated in its Circular to the Shareholders dated 22 May
2015.
* Based on exchange rate of US$1.00 to VND21,815, as at 8 June
2015.
For further information:
Aseana Properties Limited Tel: +603 6411 6388
Chan Chee Kian Email: cheekian.chan@ireka.com.my
N+1 Singer Tel: 020 7496 3000
James Maxwell (Corporate Finance) Email: James.Maxwell@n1singer.com
/Sam Greatrex (Sales)
Tavistock Tel: 020 7920 3150
Jeremy Carey / James Verstringhe Email: jcarey@tavistock.co.uk
Notes to Editors:
London-listed Aseana Properties Limited (LSE: ASPL) is a
property developer investing in Malaysia and Vietnam.
Ireka Development Management Sdn Bhd ("IDM") is the exclusive
Development Manager for Aseana. It is a wholly-owned subsidiary of
Ireka Corporation Berhad, a company listed on the Bursa Malaysia
since 1993, which has over 45 years of experience in construction
and property development. IDM is responsible for the day-to-day
management of Aseana's property portfolio and the introduction and
facilitation of new investment opportunities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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