Share buyback

RNS Number : 6823F

VinaCapital Vietnam Opp. Fund Ld

28 April 2014

 



28 April 2014

VinaCapital Vietnam Opportunity Fund Limited

Share buyback

VinaCapital Vietnam Opportunity Fund Ltd ('VOF', the 'Company') announces that on 25 April 2014, pursuant to the share buyback authority granted to the Company's Board of Directors on 25 October 2011, Visaka Holdings Limited, a wholly-owned subsidiary of the Company, purchased 987,644 Ordinary Shares of USD0.01 each at an average price of USD2.441 per share.

Following this transaction, VOF has spent USD155.5 million overall repurchasing 81,850,078 shares which are held as treasury shares and have reduced the total voting rights in the Company to 242,760,181. The total number of shares acquired since November 2011 represents 25.21 percent of the Company's 324,610,259 ordinary shares in issue. As a result of the Company's share buyback programme, VOF has recorded USD0.34 in cumulative accretion, equating to an 11.4 percent benefit to VOF's net asset value per share.

The share price of VOF closed at USD2.45 as at 25 April 2014, an increase of 8.4 percent since the beginning of the year. As a result, the Company's current share price to net asset value per share discount is 25.8 percent based on 31 March 2014 net asset value per share. Trading volume in VOF has remained steady with over 400,000 shares exchanging hands per day over the past two months. This is a clear sign of foreign investors' renewed interest in Vietnam as an investment destination, a result of the long term stability in the country's economic environment.

Commenting on recent trends, Managing Director of VOF, Andy Ho stated, "We believe, the current macroeconomic framework remains supportive of further equity market upside. Additionally, government policies remain on track to stimulate economic growth while mitigating the pressures of an increase in consumer prices or currency appreciation. Vietnam's GDP growth reached nearly 5.0 percent in the first quarter of 2014, while inflation fell to a multi-year low of 4.45 percent, year-on-year, for the month of April."

More information on the Company is available at www.vinacapital.com/vof

Enquiries:

David Dropsey

VinaCapital Investment Management Limited

Investor Relations/Communications

[phone]

[e-mail]

Philip Secrett

Grant Thornton UK LLP, Nominated Adviser

[phone]

[e-mail]

Hiroshi Funaki / Andrew Davies

Edmond de Rothschild Securities, Broker

[phone]

[e-mail]  

David Benda / Hugh Jonathan

Numis Securities Limited, Broker

[phone]

[e-mail]

Andrew Walton

FTI Consulting, Public Relations (London)

[phone]

[e-mail]

 

END

 

 

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