GPBank to offload 26.9% stake in Kim Lien Tourism
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.
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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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Read The Hanoi Times to stay up to date on developments in Vietnam.
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