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Nam Long Investment Corporation announces strategic shareholders and plan to go public
On Nov. 21, 2008, in HCMC, Nam Long Investment Corporation announced that it has secured the strategic support of two world-class, international shareholders of Aseana Properties Ltd. (ASPL) and Nam Viet Ltd and its plan to go public.
Aseana Properties Ltd (ASPL) and Nam Viet Ltd officially become Nam Long Investment Corporation’s strategic shareholders. This investment is part of a private placement of newly issued ordinary shares in Nam Long to institutional investors since last July, at a total value of $28M. The proceeds of the private placement will be used to invest in Nam Long’s subsidiaries, and to accelerate Nam Long’s property development projects in Ho Chi Minh City and neighbouring provinces.
In addition to acquiring a strategic interest in Nam Long, Aseana Properties Ltd. (ASPL) and Nam Viet Ltd. will appoint representatives to the Board of Directors and Board of Supervisors to enhance its project management and financial management capacity for upcoming development projects, especially large-scale, high-rise and/or high-end projects. Moreover, Aseana Properties Ltd. (ASPL) will also invest in and directly manage Nam Long’s upcoming high-rise projects. In the immediate term, the two parties are expected to co-develop four property development projects in HCMC.
According to Mr. Nguyen Xuan Quang, Nam Long’s Board Chairman cum General Director, in January 2009, Nam Long will complete the conversion of convertible bonds which were issued to employees, business partners and customers. Upon completion, Nam Long will become a public company.
VietStock
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