Malaysia’s Berjaya Land sells Vietnam’s finance center project to Vinhomes

A property developed by Vingroup's subsidiary Vinhomes. Visual from Vinhomes website.

Malaysia’s Berjaya Land Bhd (BLand) has finally decided to sell its entire stake at Berjaya Vietnam Financial Center Limited (BVFC) to the country’s biggest real estate developer Vingroup for VND884.93 billion ($38.9 million).

In a statement with Bursa Malaysia, BLand said, it was selling off the entire 32.5 per cent of total capital contribution in BVFC to local firms Vinhomes JSC and its subsidiary Can Gio Tourist City Corp.

The capital transfer agreement was signed between its subsidiary Berjaya Leisure (Cayman) Ltd and the purchasers.

BVFC, which has not commenced operations, is developing the proposed project comprising an office building, a five-star hotel, serviced residences and a shopping mall on a 6.64- hectare land in Ho Chi Minh City.

Vinhomes will also potentially purchase Berjaya Vietnam International University Town One Member Ltd Liability Co (BVIUT) from BLeisure Cayman, having injected capital into the unit and effectively raising its stake in the firm to 99.2 per cent.

BLeisure Cayman, which is left with a 0.8 per cent stake in BVIUT, plans to dispose of the stake in the near future.

“Together with the proposed BVIUT disposal, the BLand group is also in negotiations on the potential sale of another of its Vietnamese subsidiaries,” said BLand, but did not elaborate on the details.

Berjaya Land Berhad, an investment holding company, primarily operates in the gaming and lottery management business in Malaysia and internationally. It operates through Toto betting and related activities; motor vehicle dealership; property development and investment; hotels and resorts; and club, recreation and others segments.

Recently, BLand announced the sale of its entire 70 per cent stake in Berjaya Long Beach Limited Liability Company to Vietnam’s Sulyna Hospitality Hotel Restaurant Travel Service Company Ltd for $14.65 million (MYR65.32 million) in cash.

Can Gio, a 99.05 per cent owned subsidiary of Vinhomes, was incorporated in Ho Chi Minh City on 21 September 2004. The principal activities of Can Gio include real estate trading, real estate brokerage and real estate services.

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