Wednesday, November 14 2018

VietNamNews

VNE sells entire stake in Huế Green Tourism

Update: June, 20/2018 - 10:01
Silk Path Hotel Joint Stock Co purchased over 98 per cent of VNE’s entire stake of 99.86 per cent in Huế Green Tourism JSC. — Photo booking.com
Viet Nam News

HÀ NỘI – Việt Nam Electricity Construction Joint Stock Corporation (VNE) has sold its entire stake in Huế Green Tourism Joint Stock Company for more than VNĐ279.3 billion (US$12.3 million), the company announced.

In its filing to HCM Stock Exchange on June 18, VNECO said it had sold 20.77 million shares, equivalent to 99.86 per cent of Huế Green Tourism’s capital, to three investors for VNĐ13,499 per share.

The transfer price was double its price of VNĐ6,480 per share on the HCM Stock Exchange on June 18.

Huế Green Tourism, which manages the four-star Green Huế Hotel, is no longer a subsidiary of VNE since June 18, the company said.

The buyers of VNE’s stakes are Silk Path Hotel Joint Stock Co, which purchased nearly 20.4 million shares, and two individuals – Bùi Tú Phương, director and legal representative of Silk Path Hotel, and Tạ Đàm Hưng.

Silk Path Hotel, with a charter capital of VNĐ383 billion, has two hotels in Hà Nội and a five-star hotel in Sapa.

The divestment of Huế Green Tourism is part of VNE’s restructuring plan to withdraw capital from real estate projects as well as its subsidiaries and affiliates to focus on its core business, such as power construction and renewable energy.

According to Bảo Việt Securities Co., apart from Huế Green Tourism, VNE can transfer assets to other companies, such as Greenmart, Đà Nẵng Green Hotel and real estates in HCM City.

VNE has targeted a revenue of VNĐ1.3 trillion and a net profit of VNĐ86 billion this year, up by 63 per cent and 21 per cent year-on-year, respectively. However, the company has so far earned just VNĐ5.5 billion in net profit, equivalent to 6.4 per cent of its annual goal. – VNS

 

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