Saigontourist subsidiary eyes stake in Daeha Trade Centre

August 03, 2015 | 08:00

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Bong Sen Corporation, a subsidiary of Ho Chi Minh City-based Saigontourist, plans to spend VND3.65 trillion ($167.3 million) on obtaining a 51 per cent stake in the Daeha Trade Centre complex in Hanoi, according to newswire vnexpress.net

Notably, Bong Sen will sell 163,172,944 of its own shares at VND10,000 ($0.46) per share to fund the purchase.

The Daeha Trade Centre complex, managed by Hanoi-based and Korean-invested Daeha Business Co. Ltd, includes the five-star Daewoo Hotel and various apartments and offices for rent. Bong Sen valuated the complex at VND7.1 trillion ($326.6 million).

In 2012, Hanel Company Ltd. bought a 70 per cent stake in the Daeha complex, however, the purchase value was not revealed.

Bong Sen currently owns a series of hotels and restaurants in Ho Chi Minh City, such as Palace Saigon Hotel, Bong Sen Saigon Hotel, Vietnam House Restaurant and Lemongrass Restaurant.

According to Bong Sen’s financial reports, as of the end of 2014, the corporation’s total assets was VND1.127 trillion ($51.7 million). In 2014, it made VND406 billion ($18.6 million) in revenue and VND70 billion ($3.3 million) in profit.

In 2015, Bong Sen plans to increase its chartered capital to VND2.247 trillion ($103 million), or up 175 per cent.

By By Kim Oanh

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