The Hanoitimes - The deal is expected to be completed by June 2019, for which real estate firm Hanoi Hotel Tourism Development would acquire the stake amount in offer.
Malaysia’s Berjaya Land said it has disposed its entire 75% stake in the joint venture T.P.C Nghi Tam Village, the operator of the international five-star Intercontinental Hanoi West Lake Hotel in Hanoi for RM222.18 million (US$54 million).
The divestment is part of the parent company Berjaya Group’s restructuring plan, stated the company in a statement to Bursa Malaysia, adding that it would yield an estimated gain of about RM192.33 million (US$46.30 million).
It had invested RM122.62 million (US$29.52 million) in the joint venture to date through the company’s wholly-owned subsidiary TPC Development with 75% stake, while the remaining 25% is held by Vietnam-based Thang Long GTC joint stock company.
On December 25 and 27, TPC Development inked a deposit agreement and capital transfer agreement to dispose of the stake to real estate firm Hanoi Hotel Tourism Development.
Under the deal, Berjaya Land will sell its entire transfer capital contribution in TPC Village representing 75% of the paid-up charter capital, for RM222.18 million. Additionally, all amounts owed by TPC Village to TPC Development totaling RM298.2 million (US$71.63 million) will be fully settled by TPC Village.
The deal is expected to be completed by June 2019, with proceeds already allocated for Berjaya Land’s working capital.
Berjaya Land is an investment holding company, primarily operates in the Malaysian and international gaming and lottery management business. It operates Toto betting and related activities; motor vehicle dealership; property development and investment; hotels and resorts; as well as club, recreation, and others service segments.