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Berjaya Land unit exiting Vietnamese hotel JV for 1.24 trillion dong

A unit of Berjaya Land Bhd.'s Berjaya Leisure (Cayman) Ltd. division is selling its entire stake in a joint venture that operates the five-star Intercontinental Hanoi West Lake Hotel in Vietnam for 1.24 trillion dong in cash.

T.P.C Development Ltd. entered a deal to divest its 75% stake in the T.P.C Nghi Tam Village Ltd. joint venture to Hanoi Hotel Tourism Development LLC. Meanwhile, the remaining 25% stake in the target company will continue to be owned by Thang Long GTC JSC, according to a release.

The company had invested 686.88 billion dong in the joint venture. Malaysia-based Berjaya Land expects to receive a gain of about 192.3 million Malaysian ringgit from the disposal and plans to use the cash proceeds for its working capital.

Under the deal, T.P.C Nghi Tam will also settle about US$71.6 million worth of funds it owes T.P.C Development.

The transaction is anticipated to be completed in the first half of 2019 and is subject to several conditions, including approval from the hotel's manager, Intercontinental Hotels Group (Greater China) Ltd.

As of Dec. 28, US$1 was equivalent to 23,195 Vietnamese dong and 4.15 Malaysian ringgit.