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GPBank to offload 26.9% stake in Kim Lien Tourism
Ngoc Thuy 15:21, 2018/03/29
Global Petro Commercial (GPBank) expects to raise VND570 billion (US$25.08 million) by selling a 26.9% stake in Kim Lien Tourism, announced the Hanoi Stock Exchange (HNX) on March 28.
In a disclosure, GPBank announced that it will sell its 1.87 million shares at VND305.053 (US$13.4) apiece. The sale will be conducted on April 27 on HNX. 
 
Kim Lien Tourism JSC owns the Kim Lien Hotel, formely known as Bach Mai Hotel.
Kim Lien Tourism JSC owns the Kim Lien Hotel, formely known as Bach Mai Hotel.
Kim Lien Tourism JSC owns the Kim Lien Hotel, formely known as Bach Mai Hotel, a long-standing hospitality facility in Hanoi operational for over 50 years. 

The State Capital Investment Corporation (SCIC), Vietnam's sovereign wealth fund, had in 2015 offloaded more than 3.6 million shares of the hospitality firm, equivalent to a 52.4% stake, through a public auction. At the successful bidding price of VND274,200 (US$11.93) per share, SCIC has sold its stake at price of 10 times higher than the initial price. 

Thaigroup, a multi-sector company which mainly invests in the infrastructure sector, was the winner in that auction to acquire 52.4% of stake at around VND1 trillion (US$43.5 million), beating other contenders including Hanoitourist, Refrigeration Electric Engineering Corp and Mien Trung Construction Corp. 

Kim Lien Hotel's revenues in 2016 stood at VND128 billion (US$5.6 million), while its after-tax profit was VND 7.5 billion (US$330,000). In 2015, the hotel reported loss of VND33.78 billion (US$1.47 million). 

As at December 31, 2016, Kim Lien Hotel still has accumulated loss at VND26.16 billion (US$1.14 million). Kim Lien Hotel currently has total assets worth VND67.5 billion (US$2.94 million), down 16.1% compared to 2015. 

Besides Thaigroup and GPBank, other shareholders include PT Finance (6.7%) and GP Invest (6.6%). 

Founded in 1993, GPBank provides commercial, retail, investment, and corporate banking products and services in Vietnam. 

Thaigroup, formerly known as Xuan Thanh Group, was established in 2007 with a charter capital of VND2.5 trillion (US$110 million). The company invests in cements and fertilizer manufacturing, hydropower, education, and tourism sectors.
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