SCIC to sell stakes at Kim Lien Tourism
SCIC to sell stakes at Kim Lien Tourism
The State Capital Investment Corporation, also known as SCIC, will sell its entire stake in Kim Lien Tourism Joint Stock Company (KLC) according to the Ha Noi Stock Exchange.
The sale of 52.4 per cent of the Kim Lien shares will be carried out in an auction at the opening price of VND30,600 (US$1.37) per share, and it is set to take place on December 22.
The total value of this divestment is estimated at VND112 billion ($5 million).
Other major shareholders in the company include GP Bank, with 21.6 per cent, PTFinance with 6.7 per cent, and GP Invest with 6.6 per cent.
State-owned Kim Lien primarily operates in the field of restaurant and catering services. In 2014, the company earned VND127 billion ($5.67 million) in revenue and VND13.5 billion ($603,621) in after-tax profit.
The company also manages the Kim Lien Hotel, an historic hotel in Ha Noi. It was opened in 1961 and was formerly known as the Bach Mai Hotel. The hotel has nine buildings, 437 rooms, and five restaurants.
The SCIC will also sell its 20 per cent stake in the Vinh Hao Mineral Water JSC by auction.
The opening price of this auction is VND41,100 ($1.83) per share. SCIC is expected to earn at least VND109 billion ($4.87 million) after the divestment.
The sale will take place on December 21.
