Business
Acquires strategic stake in N
Acquires strategic stake in N.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n RNS Number : 4297Y Aseana Properties Limited 07 July 2008 \nDate: 7 July 2008\nOn behalf of: Aseana Properties Limited (“Aseana” or “the Company”)\nEmbargoed for: 0700hrs\n \n \nAseana Properties Limited\n§ Strengthens presence in Vietnam by acquiring a strategic minority stake in property developer\n§ Secures a pipeline of property projects\n \nAseana Properties Limited (LSE: ASPL), a leading Asian property developer on the Official List of the London Stock Exchange, today announces that it has acquired a strategic minority stake in Nam Long Investment Corporation (“Nam Long”) for approximately US$18.03 million. In addition, Aseana has established an exclusive agreement with Nam Long to co-develop four further projects in Ho Chi Minh City.\n \nNam Long, a private property development company established in 1992, is a leading player in the real estate market in Ho Chi Minh City, Vietnam. Over the years, Nam Long has completed projects in Ho Chi Minh City such as Tan Thuan Dong mixed residential and commercial development in District 7 and Phuoc Long B residential development in District 9. Nam Long currently has over 500 hectares of land bank mainly in Ho Chi Minh City and neighbouring provinces. \n \nThrough this partnership, the Company is expected to co-develop at least four property development projects with Nam Long in Ho Chi Minh City in the immediate term. Aseana has also secured the option to develop future high-end projects with Nam Long. Aseana’s investment is part of a private placement exercise of new ordinary shares in Nam Long to institutional investors.\n \nMr. Nguyen Xuan Quang, Chairman & General Director of Nam Long, said:\n \n“Aseana has an established and sound track record in developing high-end property products in Malaysia, and has selected Vietnam as their priority investment destination. We are therefore delighted to welcome Aseana as our shar...