Shareholder Updated & Strategic Review

    RNS Number : 7197A
  SGL Vietnam Development Limited
  06 August 2008
   

    SGL Vietnam Development Limited (the 'Company')

    Strategic Review


    Further to its shareholder update on 10 July 2008, the Board announces that, given the economic situation in Vietnam, it is currently
evaluating its strategic options for the Company. In addition to maintaining its cautious investment approach to the Vietnamese market,
where the Investment Manager still sees potential opportunities such as distressed project development, the Board is assessing several
alternatives, which include whether it should adjust its investment strategy and approach, the benefits of some form of business combination
as well as other options. The Company will continue to update shareholders as appropriate.

    The Vietnamese economy continues to experience a series of economic challenges and the Vietnamese currency remains weak, having declined
4.1% against the US Dollar year to date. While the inflation rate remains high, reaching up to 27% in July 2008, easing global food prices
have helped reduce the rate of increase of inflation, to a 1.1% increase in the month of July compared with a 2.1% increase in the month of
June. Some signs of recovery in the Vietnamese stock market have been seen. However, the economy and stock market are still exposed to the
increases in Vietnamese fuel prices announced earlier this month. The Vietnamese General Statistics Office has recently announced that the
country's industrial output is estimated to reach VND382.3 trillion (US$22.9 billion) in the first seven months of 2008, an increase of
16.4% over the same period in 2007. 

    The Company continues to receive proposals from the Investment Manager for projects in Vietnam, with the Board actively assessing these
opportunities, as it undertakes the afore mentioned evaluation. The Board has recently been informed that Larry Chua, Deputy Chairman of the
Investment Manager, has resigned from his position with the Investment Manager and the Investment Manager has identified a candidate as a
replacement. An announcement is expected to be made in due course. 

    For further information, please contact:

    SGL Capital Investment Management Limited (Investment Manager)
    Mr. Goh Ching Wah: +65 6543 5881

    Collins Stewart
    Adrian Hadden, Stewart Wallace: +44 (0)20 7523 8350


This information is provided by RNS
The company news service from the London Stock Exchange
 
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