VOF initiates divestment of Indochina Food Pte Ltd

RNS Number : 1777M

VinaCapital Vietnam Opp. Fund Ld

13 September 2012

 



13 September 2012

VOF initiates divestment of Indochina Food Pte Ltd

Ho Chi Minh City - VinaCapital Vietnam Opportunity Fund Limited (VOF), an AIM-traded investment company focused on Vietnam, announces today that it has initiated a full divestment of its investment in Indochina Food Pte Ltd (Indochina), the holding company of NIVL Joint Stock Company to an international strategic investor.

VOF received USD7.5 million in cash on 11 September 2012, constituting 26 percent of the total consideration of USD28.5 million for the sale of its stake in Indochina.  Full payment is expected by mid-December. VOF enjoyed over a 2.0x multiple return on this investment.

Commenting on the transaction, Managing Director, Andy Ho stated, "In a difficult global and domestic market, we are fortunate to have a portfolio of highly sought after businesses which are currently reflected in our strong exit pipeline. Proceeds from this exit will be prioritized towards the Fund's share buyback programme, upon which Management has spent USD43 million since its onset to repurchase shares."

Notes to editors:

About Indochina Food Pte Ltd

Indo-china Food Industries Pte Ltd is a Singapore-registered company with investments in Vietnam and Cambodia, specializing in production of refined sugar and ethanol as well as power cogeneration. Indochina's Vietnamese subsidiary, NIVL JSC, and its associate companies form one of the largest sugar producing group in Vietnam with a combined revenue of USD160 million per annum. The company will also commence production at its Cambodia facility in late 2012, bringing the total capacity of its sugar factories to 16,000 TCD and 85 kiloliters of ethanol per day.

About VinaCapital

VinaCapital is a leading asset management and real estate development firm in Vietnam, with a diversified portfolio of USD1.5 billion in assets under management. VinaCapital was founded in 2003 and boasts a team of investment professionals who bring extensive international finance and investment experience to the firm. Our mission is to produce superior returns for investors by using our experience and knowledge to identify the key trends and opportunities that emerge as Vietnam continues to develop its economy. To achieve this, VinaCapital has teams with broad experience covering equity markets, fixed income, private equity, venture capital, real estate and infrastructure.

VinaCapital manages three closed-end funds trading on the AIM Market of the London Stock Exchange. These funds are: VinaCapital Vietnam Opportunity Fund Limited (VOF), VinaLand Limited (VNL), and Vietnam Infrastructure Limited (VNI). VinaCapital also co-manages the DFJ VinaCapital L.P. technology venture capital fund with Draper Fisher Jurvetson.

VinaCapital has offices in Ho Chi Minh City, Hanoi, Danang, Nha Trang, Phnom Penh (Cambodia) and Singapore. More information about VinaCapital and VOF is available at www.vinacapital.com and www.vinacapital.com/vof.

Enquiries:

David Dropsey
VinaCapital Investment Management Limited
Investor Relations/Communications
[phone]
[e-mail]

Philip Secrett

Grant Thornton Corporate Finance, Nominated Adviser

[phone]

[e-mail]

 
Hiroshi Funaki
LCF Edmond de Rothschild Securities, Broker
[phone]
[e-mail]

David Benda / Hugh Jonathan
Numis Securities Limited, Broker
[phone]

Mark Walters
FTI Consulting, Public Relations (Hong Kong)
[phone]
[e-mail]

Andrew Walton
FTI Consulting, Public Relations (London)
[phone]
[e-mail]

 

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