Aseana Properties Limited Aseana reduces stake in investee company (1692W)
April 25 2016 - 2:01AM
UK Regulatory
TIDMASPL
RNS Number : 1692W
Aseana Properties Limited
25 April 2016
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 disposed 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) for a total proceed of VND45.6 billion (US$2.04
million*) as at 20 April 2016, at VND22,800 (US$1.02*) per
share.
Following the sale, Aseana's effective stake in Nam Long has
been reduced from 6.9% to 5.5%. 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 end 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 company in the
real estate market in Ho Chi Minh City, Vietnam. Nam Long's
affordable housing projects, branded as "E-Homes", continue to be
the main source of revenue. 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 more than
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,
in line with the Company's divestment strategy and its intention to
make capital distributions to shareholders upon receipt of consents
from its lenders.
* Based on an exchange rate of US$1.00 to VND22,323, as at 20
April 2016.
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 / Liz Yong (Corporate
Finance)
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 48 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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