Vinhomes JSC and subsidiary Can Gio Tourist City Corp. are buying Berjaya Vietnam Financial Center Ltd. from Berjaya Land Bhd. for 884.93 billion dong in cash.
The target project company was created to develop the 6.64-hectare Berjaya Vietnam Financial Center complex in Ho Chih Minh City. The development was designed to have an office building, a five-star hotel, serviced residences and a shopping mall.
The seller, which intends to use proceeds from the divestment as working capital, added that it is also in discussions with the Vingroup JSC subsidiary and its affiliates over the sale of the remaining 0.8% stake it does not own in Berjaya Vietnam International University Town One Member LLC. Vinhomes in December 2017 made a capital contribution of 11.90 billion dong in the Berjaya unit.
Both the Berjaya Vietnam Financial Center and the Berjaya Vietnam International University projects are still not operational and have faced long delays, according to local media. The Edge Malaysia reported June 4 that the financial center has been on the works since 2008, which, according to an earlier report from Vietnam Investment Review, is the same year that the university township project received its investment certificate.
Newly listed Vinhomes is also in negotiations to buy another of Berjaya's subsidiaries, but no further details were disclosed.
As of June 5, US$1 was equivalent to 22,832.00 dong.
