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The My Gia township development project located in the central province of Khanh Hoa was acquired by VNL in 2008.
According to a company statement, VNL's disposal of its entire remaining stake in the project has resulted in net cash proceeds of $5.9 million, fetching a price 0.7 per cent above the unaudited net asset value at June 30, 2017 and 25.1 per cent below the net asset value at the time of VNL's extraordinary general shareholders’ meeting in November 2016, which included adjustments for additional investments and the repayment of the VNL shareholder loans.
At the time of this announcement all proceeds have been received, the company added.
Speaking of the transaction, VinaLand managing director David Blackhall stated that this was a good result for VNL as it extinguished $2.4 million of project company debt attributable to VNL.
“This exit is in accordance with the current stated policy to divest projects in a controlled and orderly manner. The proceeds received from this disposal will, in conjunction with those collected from past disposals, be used to cover VNL's commitments, including operating costs, capital contributions, and distributions to shareholders," said Blackhall.