Aseana Properties' 72.35%-owned subsidiary, Hoa Lam-Shangri-la Healthcare Limited Liability Co, has completed the sale of a plot of land at International Healthcare Park in Ho Chi Minh City, Vietnam.
Aseana said the 1.23 hectare plot was sold through HLSL's sale of its 100% stake in HLSL 5 Limited Liability Company to Tien Phat Consultancy Investment Co, for US$5.47m.
Aseana said that in addition, HLSL had entered into a conditional sale agreement with Tri Hanh Consultancy Company Limited to dispose of HLSL's 100% stake in HLSL 6 Limited Liability Company for a total consideration of US$7.73 million.
HLSL 6 holds a 1.19 hectare plot of land at IHP.
Aseana completion of this transaction was subject to approval from the local authorities, which was expected by the end of Q3.
Aseana said it would record a gain of approximately US$1.21m for HLSL 5 and upon completion, US$3.80m for HLSL 6.
It said the total sale consideration represented a 21.6% premium for HLSL 5 and a 40.5% premium for HLSL 6 compared to the appraised market value of the land.
It said the proceeds from these divestments would be used as working capital and to repay bank borrowings at IHP.
Aseana said the transactions were part of its strategy to realise assets and reduce gearing at the group level.
At 9:14am: (LON:ASPL) Aseana Properties Ltd share price was +0p at 0.51p