VOF shareholders to meet in Singapore

November 12, 2014 | 18:00

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VinaCapital-managed Vietnam Opportunity Fund (VOF) is scheduled to hold its annual general meeting on November 26 in Singapore to approve financial statements for the year-ended June 30, 2014 and elect or re-elect board members.

The official agenda for the upcoming meeting does not include the restructuring of VOF, but similar to Vietnam Infrastructure Ltd. (VNI) – another fund managed by VinaCapital – it is expected that the issue will be discussed at the meeting. This issue is of particular note at a time that VOF shares are trading at a discount of 23.5 per cent.

VNI is planned to split into 2 portfolios – listed and unlisted. VinaCapital will thereafter launch a new open-ended fund called VCG Partners Vietnam Fund (VVF) for listed and liquidate its unlisted portfolio.

As of the end of June, VOF was capitalised at $779 million. Of the fund’s top holdings, Vinamilk topped the list, followed by Sofitel Legend Metropole Hanoi and Hoa Phat Group. Of all the invested companies, Hoa Phat, PetroVietnam Drilling and Kinh Do Corporation saw the greatest increases in value.

This year VOF continued its ongoing share buyback programme to narrow the discounted rate. The fund has thus far this year has spent $52.3 million repurchasing 23.1 million shares.

VOF is a closed-end and diversified fund trading on the London Stock Exchange’s Alternative Investment Market. Its primary areas of focus include capital markets, private equity, undervalued/distressed assets, privatisation of state-owned enterprises, and real estate.

By By Nam Phuong

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