One Capital Hospitality to acquire stake in Tin Phat Ice cream

Following the acquisition, Tin Phat Ice cream will become a subsidiary of OCH, with plans for capital support from the parent company. In the same initiative, the board agreed to transfer a portion of OCH's investment in its subsidiaries and associated companies to the Leadvisors fund.

Furthermore, OCH will also enter into and execute a consulting service contract with Givral Bakery, both of which are members of the One Capital Hospitality group.

Established in 2017, Tin Phat Icecream currently has a registered capital of approximately $633,000. The company was founded by Vu Vinh Cuong (holding 10 per cent shares), Vu Thi Ngoc Lan (30 per cent), and Ha Thi Phuong (60 per cent), with Cuong serving as the legal representative.

Tin Phat Icecream, with its main base in Hoang Mai, Hanoi, operates the KingKream brand, which currently boasts six outlets in Hanoi, Ho Chi Minh City, Nha Trang, Cam Ranh, Hoi An, and Da Nang.

One Capital Hospitality owns several long-standing traditional brands such as Givral Bakery and Trang Tien ice cream. The company also manages and invests in the construction of luxury hotel chains, including the 5-star Sunrise Hotel and the 4-star international standard StarCity Hotel in Nha Trang and Hanoi.

OCH acknowledges that 2023 presents a challenging year for Vietnam's economy and the company's operations, due to negative impacts from the global economic situation, including rising inflation, tightening monetary policies in various countries, strategic competition, and geopolitical conflicts.

The firm noted that the food and particularly the confectionery and ice cream market is witnessing fierce competition. This environment is intensified by the entry of powerful brands, both domestic and international, with strong financial backing, prime locations, and a diverse range of products.

OCH has set a consolidated revenue target of VND1.195 trillion (approximately $50.42 million) for 2023, an 18 per cent increase over the previous year. The post-tax profit goal is approximately $6.24 million, more than double the previous year's performance.

Hospitality and real estate navigate uncertainty Hotel occupancy rates in Southeast Asia have trended upward since the reopening of all major markets. However, a competitive labour market, rising energy costs, geopolitical tensions, and expensive travel continue to impact hospitality demand.

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