Share buyback

RNS Number : 8296G

VinaCapital Vietnam Opp. Fund Ld

12 May 2014

 



12 May 2014

VinaCapital Vietnam Opportunity Fund Limited

Share buyback

VinaCapital Vietnam Opportunity Fund Ltd ('VOF', the 'Company') announces that on 9 May 2014, pursuant to the share buyback authority granted to the Company's Board of Directors on 25 October 2011, Visaka Holdings Limited, a wholly-owned subsidiary of the Company, purchased 2,015,529 Ordinary Shares of USD0.01 each at an average price of USD2.4234 per share.

Following this transaction, VOF has spent USD161.5 million overall repurchasing 84,344,961 shares which are held as treasury shares and have reduced the total voting rights in the Company to 240,265,298. The total number of shares acquired since November 2011 represents 25.98 percent of the Company's 324,610,259 ordinary shares in issue. As a result of the Company's share buyback programme, VOF has recorded USD0.33 in cumulative accretion, equating to an 11.2 percent benefit to VOF's net asset value per share.

This transaction marks the largest single day repurchase since July 2013 and comes on the back of Vietnam's market correction on Thursday, 8 May 2014, with the benchmark VN Index falling 5.9 percent. However on Friday the index closed in positive territory, reversing almost half of the previous day's losses, recovering 2.9 percent to close at 542.5 points. Foreign investors took advantage of Vietnam's biggest stock market retreat since 2001 to boost their holdings in a bet that price falls due to escalating tensions with China will prove short-lived.

Overseas money managers purchased a net USD11.5 million worth of securities on the Ho Chi Minh City Stock Exchange on Thursday, the most in five weeks. On Friday, they continued the buying with an additional USD6.4 million worth of securities purchased, the thirteenth net buy day in a row and well above the average of between USD1-2 million per day over the past few weeks.

More information on the Company is available at www.vinacapital.com/vof

Enquiries:

David Dropsey

VinaCapital Investment Management Limited

Investor Relations/Communications

[phone]

[e-mail]

Philip Secrett

Grant Thornton UK LLP, Nominated Adviser

[phone]

[e-mail]

Hiroshi Funaki / Andrew Davies

Edmond de Rothschild Securities, Broker

[phone]

[e-mail]  

David Benda / Hugh Jonathan

Numis Securities Limited, Broker

[phone]

[e-mail]

Andrew Walton

FTI Consulting, Public Relations (London)

[phone]

[e-mail]

 

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