AIM-listed investment company VinaLand Limited (VNL) has raised USD407million in its second round of fundraising, more than double the firm’s original target of USD200 million.
AIM-listed investment company VinaLand Limited (VNL) has raised USD407million in its second round of fundraising, more than double the firm’s original target of USD200 million.
The fundraising was completed through the sale of 295,122,843 new ordinary shares at a price of USD1.38 per share and VNL now has 499,967,622 ordinary shares in issue with a current market capitalisation of USD775 million.
The company plans to use the funds to implement its existing investment strategy to build a diversified portfolio of prime real estate assets spread throughout Vietnam’s key population centres.
Since VNL’s admission to AIM in March 2006, its investment manager, VinaCapital Investment Management Limited has created a substantial pipeline of potential projects across Vietnam that focus on the residential, retail, commercial office, and leisure property markets. Strong economic growth in Vietnam, a young and dynamic population and developing real estate laws that protect local and foreign occupiers of landed property are creating substantial demand across all areas of the real estate market.
‘We are delighted by the response received from investors throughout the VinaLand fundraising,’ says Don Lam, managing partner and co-founder of VinaCapital. ‘It is a clear reflection of their belief in the company and of the continued strength of both the Vietnamese economy and the country’s real estate sector. Government initiatives to stimulate the real estate sector, including planning reforms and improved access for foreign investment, will enable VinaLand to take advantage of the many investment opportunities the
sector has to offer.’
