Vietnamese co-working space operator Toong and Indochina Vanguard have collaborated to locate co-working space in Wínk Hotels while Vietcombank continues to pare its ownership at Orient Commercial Bank by offloading over 6.6 million shares.
Toong partners Indochina Capital to integrate co-working space into hotels
Vietnamese co-working space operator Toong and Indochina Vanguard, a hospitality joint venture between Indochina Capital and Singapore-based Vanguard Hotels, have announced a partnership to integrate Toong co-working space facilities into newly created Wínk Hotels.
The first such facility is scheduled to open in Ho Chi Minh City in the fourth quarter of 2019.
“By integrating Toong co-working space facilities into this dynamic new chain of hotels, we expect to reform the way business centers operate,” Duong Do, Founder and CEO of Toong told DEALSTREETASIA in an interaction.
Two weeks ago, Toong announced its first foray into the international market, with plans to open a new location in Vientiane, Laos.
The expansion of Toong coincides with current market trends of the modern office space market. According to Hoang Dieu Trang, Senior Manager Commercial Leasing Savills Hanoi, co-working will continue to grow to match the economic demands and the evolution of the way millennials work.
After two years of operations, Toong has opened six outlets in major cities of Vietnam including Hanoi, Da Nang and Ho Chi Minh City.
Vietcombank to offload over 6.6 million shares at Orient Commercial Bank
Vietnam’s largest lender by market value Vietcombank (VCB) has registered to offload over 6.6 million shares at Ho Chi Minh City-based Orient Commercial Bank (OCB) on March 17, as a part of its effort to pare its ownership at other credit institutes under Circular No. 36 of State Bank of Vietnam.
According to the latest announcement from Hanoi Stock Exchange, VCB will sell the OCB shares at starting price of VND13,000 ($0.57) per shares. The bank is expected to earn at least VND86.74 billion ($3.81 million) from the sale.
VCB earlier also offered for sale 18.9 million OCB shares at starting price of $0.57 per shares. However, only 13.16 million shares were purchased with the highest price of VND14,500 ($0.64). After the divestment, Vietcombank’s ownership at OCB fell from 4.72 per cent to 3.97 per cent.
In 2017, VCB made a successful divestment at Cement Finance Joint-Stock Company (CFC) and Saigonbank. The Hanoi-based VCB currently still holds 8.19 per cent of the stakes at Eximbank and 6.97 per cent at Military Bank.
According to Circular No. 36 of State Bank of Vietnam, VCB is allowed to own no more than 5 per cent of shares in two credit institutions.
Last month, VCB earned VND334 billion ($14.6 million) by offloading 7.6 million shares of Vietnam Airlines (HVN). The bank earlier purchased 22.4 million HVN shares in its initial public offering (IPO) at the end of 2014 at VND22,300 ($0.9) per share.
The bank currently still holds more than 14.8 million shares of Vietnam Airlines, equivalent to 1.21 per cent of the carrier’s charter capital.