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VinaCapital holds dividend steady even as performance slips
StockMarketWire.com
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Vietnam-focused investment company VinaCapital Vietnam Opportunity Fund held its dividend steady, despite posting a negative full-year performance.
The company declared a dividend for the year through June of 5.5c per share.
It's net asset value per total return per share, which includes dividends, fell 1.5%.
Annual net losses deepened to $50.4 million, from losses of $28.1 million year-on-year.
'Despite the success in containing the spread of the virus, Vietnam is a country on a growth trajectory which is dependent on increasing international trade and so has by no means been immune from the negative economic effects in the short term,' chairman Steve Bates said.
'Although commercial activity in Vietnam is now returning more or less to normal, the tourism sector, which represents 8% of the economy has been very hard hit, and exports initially were negatively affected by the fall off in global demand although the country has now returned to a strong trade surplus.'
VinaCapital said that when it first declared a dividend two years ago, it intended to pay a dividend representing around 1% of NAV twice each year.
'At that time this corresponded to a dividend of 5.5 cents per share in respect of each half year,' the company said.
'Although the NAV has fallen since that time, the board has continuing confidence in the future of the company and intends to maintain a dividend of 5.5 cents for each half year.'
At 9:50am: (LON:VOF) Vinacapital Vietnam Opportunity Fund LD share price was +0.25p at 335.25p
Story provided by StockMarketWire.com
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