Business
Aseana reduces stake in investee Company
Aseana reduces stake in investee Company.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n \nRNS Number : 5642P Aseana Properties Limited 09 June 2015 \n\n9 June 2015\n \nAseana Properties Limited \n(\"Aseana\")\n \nAseana reduces stake in investee Company\n \nAseana 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.\n \nFollowing 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.\n \nNam 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. \n \nThe 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. \n \n* Based on exchange rate of US$1.00 to VND21,815, as at 8 June 2015.\n \n \nFor further information:\n \n\n\n\n\nAseana Properties Limited\n\n\nTel: +603 6411 6388\n\n\n\n\nChan Chee Kian\n\n\nEmail:...