Vietnam: GPBank to sell 26.9% stake in Hanoi-based Kim Lien for $25m

Source: Kim Lien Hotel's official website

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.

Also Read:

Vietnam: State divests 52.4% in Kim Lien Tourism; ACV stake generates investor interest

Hyatt, Vietnam’s Thaigroup enter $165m hotel investment deal

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.