Comment on Trading Activity

RNS Number : 7790K

VinaCapital Vietnam Opp. Fund Ld

24 December 2008

 



24 December 2008

VinaCapital Vietnam Opportunity Fund Limited

Comment on Trading Activity

VinaCapital Vietnam Opportunity Fund Limited ('VOF' or 'the Company'), an AIM-quoted investment vehicle focused on Vietnam, notes that trading in its shares on 23 December 2008 seems to have been effected by news regarding the potential liquidation of an unrelated fund also investing in Vietnam.

VOF shares traded down to USD0.70 on 23 December 2008 after closing the previous day at USD0.82. The Company assures shareholders that there is no material change to its assets or business that warrants this decline.

Earlier in December, the Board of Directors of Vietnam Emerging Equity Fund Limited (VEEF) announced they would be seeking shareholder approval for a voluntary liquidation of that fund. News of this announcement was distributed widely via email on 22-23 December 2008. VEEF is a Dublin-listed fund with a net asset value under USD30 million that invests only capital markets, primarily in listed equities. 

VOF is a USD618 million NAV (as at 30 November 2008) fund investing in capital markets, private equity and real estate. VOF's net asset value has declined 45.5 percent for 2008 to November. This compares to a decline of 66.0 percent for the benchmark Vietnam Index over the same period. The large scale and diversity of the Company helped to protect its net asset value.

Andy Ho, Head of Investment of the Company's investment manager, says: 'The potential demise of other funds, while unfortunate, will have no impact whatsoever on VOF or our future investment potential. 

'The recent decrease in the base interest rate and the announcement of a USD6 billion stimulus package (equivalent to over 7 percent of GDP) should position the Vietnamese economy and stock market to recover in 2009. We remain very confident in VOF's ability to generate positive mid- to long-term returns for investors.'  

  For more information please contact:

Ms Chi Nguyen VinaCapital Investment Management Limited Investor Relations	[phone] [e-mail]
Philip Secrett Grant Thornton Corporate Finance, Nominated Adviser	[phone] [e-mail]
Hiroshi Funaki LCF Edmond de Rothschild Securities	[phone] [e-mail]
David Cranmer Financial Dynamics	[phone] [e-mail]

 

END

 

 

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