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Adventus cancels $1.5 mil sale of Danang project to JV partner, continues to seek buyers

Michelle Zhu
Michelle Zhu6/6/2019 06:18 PM GMT+08  • 1 min read
Adventus cancels $1.5 mil sale of Danang project to JV partner, continues to seek buyers
SINGAPORE (June 6): Adventus Holdings says it has terminated its agreement to sell its 45% joint venture (JV) to Tran Hoang Anh Tuan, a partner in the project who originally intended to pay US$1.1 million for the group’s owned interest in the JV’s spe
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SINGAPORE (June 6): Adventus Holdings says it has terminated its agreement to sell its 45% joint venture (JV) to Tran Hoang Anh Tuan, a partner in the project who originally intended to pay US$1.1 million for the group’s owned interest in the JV’s special purpose vehicle, ADV S3.

The transaction’s termination comes after Tran issued a notice to the group saying there were “some unforeseen issues” with the transaction, and after both parties “explored all possible options”, says the group in an aftermarket filing on Thursday.

To recap, Adventus entered the JV project with Panthera Company and Tuan last year in April, with the common aim of building a residential and retail development in Danang, Vietnam.

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