Thang Long Investment Group sells entire stake in 30-storey Royal Plaza
Thang Long Investment Group sells entire stake in 30-storey Royal Plaza
Thang Long Investment Group (TIG), the owner of King's Garden Resort and Villas, has divested its entire stake in Thang Long Royal Plaza after many years of suspension.
TIG has found the partner to purchase its stake after the Board of Directors approved the capital divestment last month.
Thang Long Royal Plaza is invested by Hanoi ICT Plaza JSC, the charter capital of which is 61.8 per cent owned by TIG. In the beginning of last month, TIG bought an additional 400,000 shares, raising its ownership to 71.2 per cent.
However, TIG’s Board of Directors has just approved the divestment of 8.9 million shares from the project at the minimum selling price of VND12,000 (approximately $0.52) per share. The total value of the shares is about VND89 billion ($3.9 million). The selling price and the buyer of the project have not been revealed yet.
Thang Long Royal Plaza, which is also known as TIG Tower, is located in Cau Giay new urban area opposite to the National Conference Centre. The project is constructed on an area of 3,871 square metres with different functions, including a trading center, offices, a hotel, and serviced apartments.
Despite announcing owning a number of real estate projects and having a charter capital of VND772 billion ($34 million), TIG’s shares currently trade below VND4,000.The group is also developing King's Garden Resort & Villas in Thanh Thuy district of Phu Tho province.
Apart from Thang Long Royal Plaza, TIG has also announced investing in a number of projects, including TIG Dai Mo Green Garden House, a 21-storey residential block in My Dinh 2 ward, and Vantri Ecoland project.
Recently, the Hanoi Tax Department has announced TIG’s tax arrears of VND1.67 billion ($73,600) through an inspection in 2015 and 2016. It also issued penalties of nearly VND335.5 million ($14,800) due to incorrect tax reporting and VND137.7 million ($6,100) due to late payment.
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