The largest investor in Vietnam Enterprise Investments (VEIL) has sold its 17% stake in the Cayman Islands domiciled investment company, 10% of which has been snapped up by bargain hunter City of London Investment Group.

APG Funds, a Dutch state pension fund, sold its £153 million stake, equivalent to 37 million shares, in the £940 million FTSE 250-listed trust earlier this month via a placing to institutional investors, according to a stock exchange announcement.

APG, which had been a shareholder in VEIL for 13 years, sold its shares at 415.5p per share, at a discount of nearly 20% below their underlying net asset value (NAV) of 521p.