Share buyback

RNS Number : 3062K

VinaCapital Vietnam Opp. Fund Ld

23 June 2014

 



23 June 2014

VinaCapital Vietnam Opportunity Fund Limited

Share buyback

VinaCapital Vietnam Opportunity Fund Ltd ('VOF', the 'Company') announces that on 20 June 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 981,899 Ordinary Shares of USD0.01 each at an average price of USD2.4913 per share.

Following this transaction, VOF has spent USD166.4 million overall repurchasing 86,355,265 shares which are held as treasury shares and have reduced the total voting rights in the Company to 238,254,994. The total number of shares acquired since November 2011 represents 26.60 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 11.6 percent benefit to VOF's net asset value per share.

Investment Manager update on the market in Vietnam

On 19 June 2014, the State Bank of Vietnam (SBV) adjusted the currency exchange rate, bringing the official rate up to VND21,246 from VND21,036 per USD.  In conjunction with the move, the SBV stated that the foreign exchange market has been stable for the first half of the year and no specific pressure prompted its action.  Vietnam currently has a trade surplus of approximately USD1.6 billion and an overall balance of payments surplus of USD10.0 billion. Additionally, official reserves are currently at an all time high of USD36.0 billion. Given this, the SBV's pro-active decision to raise the exchange rate is likely aimed at encouraging exports in the second half of this year to support economic growth.

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]

 

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