22 June 2012
VinaCapital Vietnam Opportunity Fund Limited
VinaCapital Vietnam Opportunity Fund Ltd (‘VOF’, the ‘Company’) announces that on 21 June 2012, 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 450,000 Ordinary Shares of US$0.01 each at an average price of US$1.46 per share.
Following this transaction, VOF has spent USD17.6 million overall repurchasing 11,899,663 shares which are held as treasury shares. This represents 3.7 percent of the Company’s 324,610,259 Ordinary Shares in issue and as a result, total voting rights in the Company have been reduced to 312,710,596.
Recent volatility in equity markets around the world has put significant pressure on VOF’s share price and thus, the NAV per share discount has remained elevated throughout the year, reaching 34.2 percent as at 31 May 2012. Fund Management and the Board of Directors believe that at the current valuation, VOF’s share price is significantly undervalued; specifically given Vietnam’s economy has shown considerable stability regarding inflation and foreign exchange risk. Year to date, valuations on Vietnamese equity has increased steadily; a trend we believe will continue as the government slowly loosens monetary and fiscal policy. Therefore, the Company in seeking to invest in its own undervalued shares and reduce the NAV per share discount, VOF remains committed to its share buyback program.
More information on the Company is available at www.vinacapital.com/vof
VinaCapital Investment Management Limited
+84 8 821 9930
Grant Thornton Corporate Finance, Nominated Adviser
+44 (0)20 7383 5100
LCF Edmond de Rothschild Securities, Broker
+44 (0)20 7845 5960
David Benda / Hugh Jonathan
Numis Securities Limited, Broker
+44 (0)20 7260 1000
FTI Consulting, Public Relations (Hong Kong)
+852 3716 9802
FTI Consulting, Public Relations (London)
+44 (0)20 7269 7204