Full repayment of ABA bonds to VNH

For immediate release

VietNam Holding Limited ("VNH" or the " Company ")

Full repayment of ABA bonds to VNH

We are pleased to announce that VNH has fully exited its position in ABA through full repayment of the bonds and accrued interest on 25 June 2021.

VNH made an investment of VND 139.8 bn in ABA in July 2019 through convertible bonds. The investment was a private-equity transaction, structured with a negotiated set of terms and conditions, including the right to convert into equity once the foreign ownership limits allowed, and once there was the visibility of a listing, and yet provide downside protection in the form of full redemption in the event that there was not a listing event imminent.

During the course of the investment VNH, through Dynam Capital, enjoyed a close and strong working relationship with the company and its founders. Dynam Capital also brought in experts to review the company, its performance and make suggestions to the management team on their expansion plans. Dynam Capital also introduced a potential financing partner to ABA.

In late 2020 VNH made the decision not to exercise the conversion option, and instead seek repayment of the bonds. The original repayment date was November 2020, but this was extended on enhanced terms to allow ABA to conclude the negotiations and due diligence process with new financing partners.

The realisation does not have a material impact on VNH's net asset value.

As at the close of business on 25 June 2021 and based on an estimated NAV, 95.87% of VNH's assets are in listed equities and 4.13% in cash. There are no unlisted positions in the portfolio.

Craig Martin
[email protected]
Tel.: +84 28 38277 590
 

Dynam Capital Limited
https://www.dynamcapital.com