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VinaCapital raises $104 mln from selling stakes in real estate firm: report
By Thanh Nien News -
Two funds of asset management company VinaCapital have sold all their stakes in a Ho Chi Minh City-based real restate company reportedly for a total of US$104 million.
Andy Ho, managing director of the fund manager, confirmed the divestment from 21 Century International Development with news website VnExpress on Tuesday.
VinaCapital has been reducing its engagement in real estate to focus on privately-negotiated deals and OTC investments, he was quoted as saying.
Ho did not reveal the value of the deals with Ho Chi Minh City-based developer Khai Hung, but news website Proactive Investors UK said the total proceeds amounted to $104 million.
London-listed Vietnam Opportunity Fund's stake was worth $28.7 million, and the rest belonged to its sister fund Vinaland Limited Fund, according to the report.
Khai Hung now owns 50 percent of the company, which is currently developing a residential project in Ho Chi Minh City's District 2 with an estimate cost of more than $378.7 million, according to 21 Century International Development's financial statement.
Henry Enterprise Group Ltd and Prosper Big Investments Ltd, both incorporated in the British Virgin Islands, control the respective stakes of 33.16 and 15.84 percent.
21 Century unlisted all its shares in September last year, about five years of listing on Ho Chi Minh City Stock Exchange, citing failure to raise funding from stocks.
The company reported more than VND3.6 billion ($158,000) in net profit at the end of last year, compared to losses of over VND14.7 billion ($648,000) in 2014.