Viet Nam News
HÀ NỘI - Berjaya Land Bhd (BLand) will be exiting its Việt Nam-based Berjaya Long Beach LLC (BLong Beach) business, as it will be selling its entire stake in the latter to Sulyna Hospitality Hotel Restaurant Travel Service Co Ltd for VNĐ333.25 billion or nearly US$15 million.
In a filing with Bursa Malaysia, BLand announced that Sulyna would be acquiring its entire 70 per cent stake in BLong Beach following the proposed disposal of ownership. BLand owns BLong Beach via its wholly owned subsidiary, Berjaya Leisure (Cayman) Ltd (BLCayman).
BLCayman will also be waiving the total outstanding debt owed by BLong Beach worth approximately VNĐ87.50 billion ($3.9mil). The entire process of the proposed stake disposal by BLCayman is expected to be completed by early 2018.
BLong Beach is principally involved in the operation and management of an international four-star resort-cum-spa hotel in Phú Quốc Island, Kiên Giang Province. The hotel has 109 standard rooms, six suites and four VIP suites with a swimming pool, restaurants, banquet rooms and a spa centre.