SINGAPORE (May 22): Adventus Holdings is selling back a 45% stake in ADV S3 to its former joint venture (JV) partner, Tran Hoang Anh Tuan, for US$1.1 million ($1.5 million).

ADV S3 is an investment holding company established for the development and sale of a residential project in Danang, Vietnam.

Adventus moved to reduce its exposure to the project after encountering “some difficulties” in obtaining licenses, permits and approvals from the Vietnamese authorities for the JV’s residential project in Danang, said the company in its filing on Tuesday night.

Following the disposal, Adventus’s shareholdings in ADV S3 will be effectively reduced to 55% via its wholly-owned subsidiary, Adventus Investments (Vietnam).

Adventus intends to focus its resources and time on its other projects. It also plans to use the disposal proceeds for working capital requirements, as well as to fund future acquisition opportunities.

Aside from Tuan, who is currently residing in Ho Chi Minh, Vietnam, other JV partners in the Danang project include Panthera Company as well as another Vietnamese individual, Nguyen Thai Dong Huong.

Shares in Aventus closed flat at 0.4 cent.