Listed VinaCapital Vietnam Opportunity Fund (ticker VOF) has announced the completion of the divestment of International Dairy Products (IDP), which as of 30 June 2020 was the largest private equity holding in the VOF portfolio.

VOF, along with co-investment partner Daiwa PI Partners ("DPIP"), have completed the divestment of the remaining stake in IDP to a consortium led by Blue Point at an additional premium relative to the previous partial exit value, and have received $45.4 million in net proceeds for the remaining 37 percent stake in the company.

The uplift to VOF's net asset value (NAV) from this entire divestment, which includes both the partial divestment and this remaining stake, is 14 US cents per share. This uplift has been reflected in published NAV's since 10 July as that was the date at which contracts were signed, part of the stake was transferred, and the transaction was subject only to certain minor conditions.

Commenting on the divestment, Andy Ho (pictured), Chief Investment Officer at VinaCapital, stated, "We are pleased to have accelerated the divestment of IDP to Blue Point, who are a Vietnamese financial and strategic investor in the consumer goods and dairy products sector. IDP is one of Vietnam's leading dairy producers and the company is in good hands with a strategic investor who will be able to form synergies with their existing portfolio of investments across the FMCG sector. We wish them every success in taking IDP through to its next phase of growth."

"The proceeds from this divestment have been earmarked for investment opportunities that our team have been evaluating for some time, as well as to support the share buyback programme and ongoing dividend commitments to our shareholders. In the current environment of economic uncertainty and market volatility caused by the health pandemic, we remain prudent and selective with the opportunities that we are evaluating."