Following the announcement, 1 institutional investor registered to buy 765,300 shares, while the other two individual investors opted for 1.10 million shares.
Investors vying for shares of Kim Lien Hotel.
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The mentioned figure will be much higher than the price that Thaigroup, a multi-sector company shed out to acquire 3.7 million shares, or 52.4% of Kim Lien stakes from the State Capital Investment Corporation (SCIC), Vietnam's sovereign wealth fund in 2015.
During that auction 3 years ago, Thaigroup was the winner to acquire 52.4% stake at VND1 trillion (US$43.5 million), beating other contenders including Hanoitourist, Refrigeration Electric Engineering Corp and Mien Trung Construction Corp. For the successful bidding price of VND274,200 (US$11.93) per share, SCIC has sold its stake at a price of 10 times higher than the initial price (VND30,600 or US$1.33) per share.
Besides Thaigroup and GPBank, other shareholders of Kim Lien Hotel include PT Finance (6.7%) and GP Invest (6.6%).
Kim Lien Hotel, formely known as Bach Mai Hotel, is a long-standing hospitality facility in Hanoi operational for over 50 years.
Kim Lien Hotel's revenues in 2016 stood at VND128 billion (US$5.6 million), while its after-tax profit was VND 7.5 billion (US$330,000). In 2015, the hotel reported loss of VND33.78 billion (US$1.47 million).
As at December 31, 2016, Kim Lien Hotel still has accumulated loss at VND26.16 billion (US$1.14 million). Kim Lien Hotel currently has total assets worth VND67.5 billion (US$2.94 million), down 16.1% compared to 2015.
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 (US$110 million). The company invests in cements and fertilizer manufacturing, hydropower, education, and tourism sectors.
