Ninh Van Bay seeks to transfer $45 million resort

A perspective of Six Senses Saigon River. — Photo ninhvanbay.vn

Company Chairman Le Xuan Hai made the announcement as he presented a business plan to shareholders at their April 21 meeting.

He said the domestic property market continued to struggle, suffering from fluctuations last year caused by global economic declines. Tourism and realty firms have also continued to find it difficult to mobilise capital with market demand dipping.

According to Dau Tu (Vietnam Investment Review) online, Six Senses is a five-star resort, which will cost a total of VND950 billion (US$45.24 million) to build and will cover an area of over 55 hectares in Nhon Trach District. Company sources told the website that two major partners had expressed interests in the offer. At the shareholders meeting, John Joseph Ramos was voted into the Ninh Van Bay management board. John represented Singapore-based investor Recapital Investments Pte. and was finance director at Indonesia's Messa resort.

Another representative from Recapital Investments, Bernardi Djumiril, was selected to join the Ninh Van Bay supervisory board. He served as the finance director of consulting firm Recapital Jakarta in Indonesia and as a member of the Aetra Air Jakarta auditing committee.

Chairman Hai told shareholders that Ninh Van Bay aimed to report a turnover of VND212.70 billion ($10.12 million) and a pre-tax profit of VND9.10 billion ($433,300) this year. Last year's figures were VND210.68 billion ($10.03 million) and VND25.63 billion ($1.22 million), respectively.

At the end of 2014, the company reported VND845 billion ($40.24 million) in equity and VND1.43 trillion ($68.10 million) in total assets.

The firm's shares closed down 0.2 points at VND3,500 (17 cents) per share today on the HCM City Stock Exchange.