Aseana Properties sells stake in Vietnamese JV

Property developer Aseana Properties said one of its subsidiaries has agreed to sell its stake in its Vietnamese joint venture for $9.29m (£6.09m).

ASPL PLB, which is fully owned by Aseana, has reached a deal with Nam Long Investment and Nam Khang Construction Investment Development to divest its 55% stake in the ASPL PLB – Nam Long Limited Liability.

A 55:45 joint venture between Aseana and Nam Long, ASPL PLB – Nam Long developed the Waterside Estate residential project in District 9 in Vietnam’s capital Ho Chi Minh City.

The London-listed company said the decision to sell its stake in the joint venture comes earlier than expected, as it had been planned for the first quarter of next year.

"The disposal of our stake in the project is in line with the strategy of the company to realise existing assets and to return capital to shareholders in an orderly manner,” said group chairman Dato' Mohammed Azlan Hashim.

Aseana shares were down 4.11% to 0.525p at 1040 BST on Thursday.