Thursday, September 19 2019

VietNamNews

Vingroup buys out new retail stores

Update: September, 04/2019 - 07:57

 

Fruits stocked at a Vinmart store. — Photo vinmart.com

HÀ NỘI — Retailer Vinmart has acquired supermarket chain Queenland Mart, the company announced on its Facebook fanpage last week.

The value of the deal has not yet been revealed.

The supermarket chain Queenland Mart was run by the HCM City-based retailer Vietnam Lotus Foods JSC, founded in July 2014.

The Queenland Mart stores are located in HCM City’s districts 2 and 7, catering to residents living in high-quality apartment buildings.

The new deal has raised Vinmart’s total number of stores by eight to 120 across the country.

Counting the number of Vinmart+ convenience stores, Vinmart’s parent firm Vincommerce – a member of realty and retail Vingroup – now has a total of more than 2,100 retail outlets in Việt Nam.

The new deal is a part of Vingroup’s efforts to expand its retail market share in the country after it purchased other smaller retail firms in recent years.

In April 2019, Vingroup acquired 87 Shop&Go convenience stores for total US$1. In October 2018, Vingroup bought out Fivimart stores for VNĐ1 trillion ($43 million) from Nhất Nam JSC.

Vingroup in the first half of 2019 recorded an accumulative revenue of VNĐ61.15 trillion ($2.63 billion), up slightly from a year ago, and a pre-tax profit of VNĐ6.84 per cent, up 19 per cent year on year.

The company’s total assets and owner equity capital as of June 30, 2019 were VNĐ338.35 trillion and VNĐ126.2 trillion, respectively.

In the first half of the year, Vingroup earned VNĐ2.8 trillion from selling its stakes in two minor realty firms.

According to Viet Capital Securities (VCSC), property sales continued propelling Vingroup’s earnings in the first six-month period on property pre-sales for shop houses, beach villas and condotels – which jumped 94 per cent year on year to VNĐ31.4 trillion.

The realty and retail group acquired a 51 per cent stake in the Spanish phone maker Mondo Reader for VNĐ954 billion.

Vingroup is listing more than 3.34 billion shares on the Hồ Chí Minh Stock Exchange with code VIC.

The company shares ended Tuesday flat at VNĐ123,500 ($5.31) per share. Vingroup shares have gained as much as 10.4 per cent since July 15. — VNS

 

 

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