BLand to exit Vietnam financial centre project

PETALING JAYA: Berjaya Land Bhd (BLand) is disposing its entire 32.5% stake in Berjaya Vietnam Financial Center Ltd (BVFC) for VND884.93 billion (RM154.86 million) cash.

BLand said in a filing with the stock exchange that its wholly owned subsidiary Berjaya Leisure (Cayman) Ltd entered into a capital transfer agreement for the proposed disposal to Vinhomes Joint Stock Company and Can Gio Tourist City Corp.
BVFC, which has not commenced operations, is involved in the development of the proposed project named Berjaya Vietnam Financial Center which will comprise office building, five-star hotel, service residences and shopping mall on a 6.64ha land in Ho Chi Minh City.
BLand said the divestment represents an opportunity for the group to use the cash proceeds for working capital.
Barring any unforeseen circumstances, the proposed disposal is expected to be completed during the second half of 2018.