(Ho Chi Minh City, Vietnam) Saigon Asset Management (SAM) announces that the 2011 Annual General Meeting (AGM) of Vietnam Equity Holding (VEH) and Vietnam Property Holding (VPH) and the 2011 Extraordinary General Meeting (EGM) of Vietnam Property Holding on 24 June 2011 were held successfully.
The sole matter on the Agenda of the 2011 AGM of VEH and VPH was to approve the report of the Directors and the audited financial statements for the year ended 2010. Mr. Louis Nguyen, CEO of SAM and Director of VEH and VPH acted as Chairman of the meetings. Those reports have been duly and properly approved by the Shareholders.
The EGM of VPH was to authorize the Board of Directors to use up to EUR972,046 of the Company’s cash to repurchase its own shares at a discount to NAV as the Board of Directors thinks fit at its discretion through stock market and in private transactions within the bid/ask spread in accordance with applicable laws and regulations within the next 12 months for cancellation. Mr. Louis Nguyen also acted as Chairman of the meeting. The share repurchase program has been duly and properly approved by the Shareholders.
About Saigon Asset Management (SAM):
SAM, established in 2007, is the investment manager of Vietnam Equity Holding (VEH) and Vietnam Property Holding (VPH). Both funds are closed-end funds, listed and traded on the Frankfurt Stock Exchange and Xetra. VEH invests in promising listed, pre-listing, and private companies with a significant exposure to the domestic market in order to capitalize on the strong growth of Vietnamese middle class consumption. VPH invests in real estate projects and companies concentrating in middle-end residential and retail projects.
For more information, please visit: www.saigonam.com