(Ho Chi Minh City, Vietnam) Saigon Asset Management (SAM) announces that the 2012 Extraordinary General Meeting (EGM) of Vietnam Equity Holding (VEH) and Vietnam Property Holding (VPH) on October 3rd, 2012 were held successfully.
The agendas of the EGMs of VEH and VPH were to approve the Board’s proposal to continue the operations of the Companies as presently constituted, and the proposal to extend the Companies’ share buy-back program. Mr. Louis Nguyen, Executive Director of VEH and VPH, acted as Chairman of the Meetings.
VEH EGM Result
8% quorum, in which 64.4% voted in favor of continuation and 74.7% voted in favor of the extension of the share buy-back program.
VPH EGM Result
0% quorum, in which 66.9% voted in favor of the continuation and 63.0% voted in favor of the extension of the share buy-back program.
As set out in the full texts of the proposed resolutions passed by the shareholders, the Boards of both Companies have made a commitment to the shareholders that it will submit a proposal at the upcoming AGM, presently expected to be held in mid-2013, to begin a process to open-end both funds.
Louis Nguyen, Chairman & CEO of Saigon Asset Management, the Investment Manager, commented: “We are delighted by the support of our shareholders for the continuation of Vietnam Equity Holding and Vietnam Property Holding. The current macro environment appears challenging while the long-term prospects for Vietnam remain bright. Our objectives are clear: maximizing returns to investors, narrowing the discount, and providing clear exit routes for our shareholders.”
About Saigon Asset Management (SAM)
Established in 2007, Saigon Asset Management (SAM) is the investment manager of Vietnam Equity Holding (VEH) and Vietnam Property Holding (VPH), both Cayman Islands investment funds, listed and traded on the Frankfurt Stock Exchange and Xetra. In 2008, LCF Rothschild ranked VEH as the top performing equity fund in Vietnam, and in 2009, VPH was ranked as the top performing real estate fund in Vietnam. SAM is currently raising capital for two regionally focused funds: Indochina Energy Holding, an Indochina focused fund to invest in the energy and natural resource sectors; and Funan Impact Investment Holding, an impact investment and agriculture focused fund.
For more information, please visit our website at www.saigonam.com.