VinaCapital Books over $100 Million Net Proceeds from Three Exits

Tuan Minh

16:35 18/11/2016

BizLIVE - VinaCapital’s funds have raked in over $100 million from divestments from their private equity and real estate portfolios.

VinaCapital Books over $100 Million Net Proceeds from Three Exits

Three VinaCapital-run funds have made three exits from private equity and real estate holdings. Photo: VinaCapital

Three investment vehicles under Ho Chi Minh City-headquartered fund management company VinaCapital will receive some $110 million in net proceeds by divesting from their private equity and real estate holdings, according to filings on the firm’s website.
Vietnam Opportunity Fund Limited (VOF) will receive minimum net proceeds of $100 million from the sale of an asset to a newly form consortium, VOF said, without specifying the asset or the consortium.
VOF will reinvest the proceeds in other opportunities in the local market and fund the share buyback program.
Meanwhile, VinaLand (VNL) and Vietnam Infrastructure (VNI) funds, also managed by VinaCapital, have completed the disposal of stakes in two real estate projects.
VNI has transferred the Long An SEA mix-used project to Dong Tam JSC, VNI’s existing partner in the project, fetching $2.37 million in full cash consideration and booking a profit of $185,000.
“This transaction represents significant progress towards completing our divestment strategy as VNI is now left with only one remaining asset to be divested, the In-building systems (IBS) portion of SEATH,” said VNI Managing Director Tony Hsun.
The third divestment has been made by VNL from the Project Ceana, acquired by the fund in 2007.
Project Ceana is a 7.3 hectare parcel of land located in Dien Ban district, Quang Nam province and has approval for a future villa resort development.
VNL disclosed that it had received in full $7.6 million worth of net proceeds.
“The proceeds received from this exit in conjunction with those collected from past and future disposals will be used to cover VNL's commitments including operating costs and distributions to shareholders, said VNL Managing Direct David Blackhall.