Hanoi-based Global Petro Commercial JSC (GPBank) expects to earn VND570 billion ($25.08 million) by selling a 26.9 per cent stake in Kim Lien Tourism JSC.
In a disclosure to Ha Noi Stock Exchange (HNX), GPBank announced that it will sell its 1.87 million shares at VND305.053 ($13.4) apiece. The sale will be conducted on April 27 on HNX.
Kim Lien Tourism JSC owns the Kim Lien 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 per cent stake, through a public auction.
Thaigroup, a multi-sector company which mainly invests in the infrastructure sector, was the winner in that auction, 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 ($5.6 million), while profit was only VND 7.5 billion ($330,000). Besides Thaigroup and GPBank, other shareholders include PT Finance (6.7 per cent) and GP Invest (6.6 per cent).
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 ($110 million). The company invests in cements and fertilizer manufacturing, hydropower, education, and tourism sectors.