(Ho Chi Minh City, Vietnam) Saigon Asset Management (SAM) announces that the Annual General Meeting 2010 of Vietnam Equity Holding (VEH) and Vietnam Property Holding (VPH) and the Extraordinary General Meeting of Vietnam Property Holding were held successfully.
The sole matter on the Agenda of the AGM 2010 of VEH and VPH was to approve the report of the Directors and the audited financial statements for the year ended 2009. Mr. Louis T. Nguyen, CEO of SAM and Director of VEH and VPH acted as Chairman of the Meeting. Those reports have been duly and properly approved by the Shareholders, which constitutes the Ordinary Resolutions by the Shareholders.
The Extraordinary General Meeting (EGM) of VPH was to authorize the Board of Directors to use up to EUR 992,600.00 of the Company’s cash to repurchase its own shares at a discount rate as the Board of Directors sees fit through stock market and private transactions within the bid/ask spread in accordance with applicable laws and regulations in the next twelve (12) months. Mr. Louis Nguyen also acted as Chairman of the EGM. The share buy-back program has been duly and properly approved by the shareholders, which constitutes the Ordinary Resolutions by the Shareholders.
About Saigon Asset Management
Established in 2007, Saigon Asset Management (SAM) is the investment manager of Vietnam Equity Holding (VEH) and Vietnam Property Holding (VPH), which are both Cayman Islands domiciled Vietnam-focused investment funds listed on the Frankfurt Stock Exchange and Xetra. SAM is currently managing approximately US$125 million of assets. VEH invests in listed, OTC, and private companies. In 2008, VEH was ranked as the #1 Vietnam-focused equity fund according to LCF Rothschild. VPH invests in real estate projects and companies concentrating in middle-end residential and retail projects. In 2009, VPH was ranked as the #1 Vietnam-focused property fund as according to LCF Rothschild. SAM is based in Ho Chi Minh City with 20 employees.