Singapore’s Adventus Holdings Limited has sold 45 per cent of its stake in subsidiary ADV S3 for $1.1 million to one of the latter’s joint venture partners for a residential project in Vietnam, it said in an SGX filing on Tuesday.
Adventus said that it has encountered some difficulties in obtaining licences, permits and/or approvals for the Vietnam project.
“The proposed disposal would enable the group to reduce its exposure in the Project and thereafter focus its resources and time in other projects,” Adventus said.
The buyer is Tran Hoang Anh Tuan, one of the partners in AP NHS Da Nang Joint Stock Company (AP NHS), a joint venture between ADV S3, Panthera and Nguyen Thai Dong Huong. The JV was established to develop a residential project in Da Nang.
ADV S3 had in 2018 agreed to pay VND 50.72 billion dong (S$2.9 million) for a 45 per cent stake in AP NHS.
Adventus Holdings intends to use proceeds from the proposed disposal for its working capital requirements and to fund acquisition opportunities, it said in the disclosure.
Adventus Holdings Limited is an investment holding company, which engages in property investment and development, hospitality, project management activities as well as commodities and mineral resources businesses within Asia.