VMEP HOLDINGS terminates cooperation with business partner Vietnam Property Investment

VMEP HOLDINGS (00422.HK) announced that its indirectly non-wholly-owned subsidiary Dingyang plans to jointly invest in properties located in Vietnam with its business partner Nguyen Minh Hoang Viet. Currently, these properties have not yet been acquired by the business partner. Due to changes in Vietnamese laws and regulations, significant delays are expected to affect the original business plans of both parties. Dingyang and the business partner have agreed to terminate the "Investment Cooperation Memorandum" and have signed a termination agreement today (27th).

According to the termination agreement, the business partner will pay Dingyang a total amount of 7.25 billion Vietnamese Dong, which includes a full refund of Dingyang's investment amount and a compensation amount of 350 million Vietnamese Dong, approximately equivalent to 5% of Dingyang's investment amount. Upon completion of the termination agreement, the property investment will no longer proceed, and both parties will release and discharge any further obligations or liabilities under the "Investment Cooperation Memorandum." The company has no intention to further invest in or acquire these properties either on its own or through other business partners