VinaLand sells stake in Vietnam residential land for $11m

Vietnamese property investment firm VinaLand has sold a stake in a parcel of land in Binh Duong province, which has approval for a residential development, for $10.9m.

The AIM quoted company has sold its 17.4% stake in the BD project, which it bought in 2007, below the net asset value at the time of the company’s recent shareholder meeting in November 2016, including adjustments for additional investments over the period.

The company did not disclose the buyer of the stake.

Managing director David Blackhall, said the proceeds received from the sale, together with those collected from past and future disposals, will be used to cover the company’s commitments including operating costs and distributions to shareholders.

Shares in VinaLand were down 0.76% to 0.690p at 1020 GMT.