Investee lists on Ho Chi Minh
RNS Reach
4 February 2010
VinaCapital Vietnam Opportunity Fund Limited
VOF investee Khang Dien Housing lists on Ho Chi Minh Stock Exchange
Ho Chi Minh City - VinaCapital Vietnam Opportunity Fund Limited ('VOF'), an AIM-quoted investment vehicle focused on Vietnam, announces today the successful IPO of its investee company Khang Dien Housing, one of the top real estate developers in Ho Chi Minh City.
VOF holds a 15.0 percent stake in Khang Dien Housing, which was established in 2001 as a limited liability company focused on residential property development. Khang Dien is currently developing 13 real estate projects on over 80ha of land, most in locations across Ho Chi Minh City that are seeing major infrastructure build-outs.
VOF acquired its stake in Khang Dien at the end of 2007. The company has a 2010 targeted revenue of VND600 billion and profit after tax of VND200 billion, representing 400 and 344 percent increases over 2009, respectively.
Khang Dien listed under the ticker KDH on 1 February 2010 at 4.0x par value. It gained the maximum-allowed 20 percent on the first day of trading, with an additional five percent gain on the second day of trading. VOF has therefore recorded an unrealised gain of over 25 percent as a result of the IPO compared to its 31 December 2009 carrying value.
"VOF benefited from the IPO of 14 holdings during 2009, and 2010 starts off well with the IPO of Khang Dien Housing, a company we have seen grow substantially over the past three years," says Andy Ho, managing director of VOF's investment manager, VinaCapital Investment Management Ltd.
"We believe the company is well-positioned given its strong pipeline, and for now we will maintain our stake in the company given its earnings growth prospects and high liquidity," says Andy.
Notes to Editors:
VinaCapital Group is a leading asset management, investment banking and real estate consulting firm with unrivalled experience in the Vietnamese market. VinaCapital Group was founded in 2003 and has grown from a single USD10 million fund to a diversified investment firm with over USD1.7 billion in assets under management as of December 2009.
VinaCapital Investment Management Ltd manages three closed-end funds trading on the AIM Market of the London Stock Exchange. These are:
· Vietnam Opportunity Fund (VOF) is a USD785 million diversified investment fund that has consistently been among the top performing Vietnam funds.
· VinaLand Limited (VNL) is a USD694 million real estate fund that was the top performing Vietnam investment fund in 2008.
· Vietnam Infrastructure Limited (VNI) is a USD267 million fund established in July 2007 as the first overseas fund to invest solely in Vietnam's infrastructure sector.
VinaCapital also co-manages the USD32 million DFJ VinaCapital technology venture capital fund with Draper Fisher Jurvetson, and owns a dominant stake in VinaSecurities JSC, a brokerage. More information is available at www.vinacapital.com.
More information on VOF is available at www.vinacapital.com/vof.
Enquiries:
Ms Chi Nguyen
VinaCapital Investment Management Limited
Investor Relations
+84 8 821 9930
Hiroshi Funaki +44 20 7845 5960
LCF Edmond de Rothschild Securities, Broker
Alastair Hetherington
Financial Dynamics, Public Relations (Hong Kong)
+852 3716 9802
Andrew Walton
Financial Dynamics, Public Relations (London)
+44 2072697204
Philip Secrett
Grant Thornton Corporate Finance, Nominated Adviser
+44 20 7383 5100
This information is provided by RNS
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