Aseana Properties Limited Aseana reduces stake in investee company (1498H)
August 15 2016 - 2:00AM
UK Regulatory
TIDMASPL
RNS Number : 1498H
Aseana Properties Limited
15 August 2016
The announcement contains inside information
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 on 15 August 2016 it has sold of 2,175,880
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 total proceeds of VND47.5 billion
(US$2.13 million*) and at an average price of VND21,837 (US$0.98*)
per share.
Following the sale, Aseana's effective stake in Nam Long has
been reduced from 5.50% to 3.96%. 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 strategy to reduce its holding in
Nam Long at the appropriate time and price, in line with the
Company's overall 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 VND22,302
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 49 years of experience in construction
and property development. IDM is responsible for the day-to-day
management of Aseana's property portfolio.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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