BLand to receive RM192m gain from Vietnam hotel disposal

PETALING JAYA: Berjaya Land Bhd (BLand) is expected to receive an estimated gain of about RM192.33 million from the proposed disposal of its entire 75% stake in TPC Nghi Tam Village Ltd (TPC Village) for VND1.24 trillion (RM222.18 million) cash.

BLand told the stock exchange last Friday that its unit TPC Development Ltd had entered into a deposit agreement and a capital transfer agreement with Hanoi Hotel Tourism Development Ltd Liability Company for the disposal.

TPC Village, which operates the Intercontinental Hanoi West Lake Hotel, is a joint venture company that is operating under the Investment Certificate issued by the People’s Committee of Hanoi and Enterprise Registration Certificate issued by Department of Planning and Investment of Hanoi. Its remaining 25% stake is held by Thang Long GTC Joint Stock Company.

BLand said the proposed disposal represents an opportunity for the group to divest its investment in TPC Village.

The cash proceeds from the proposed disposal will be utilised for its working capital.

Barring any unforeseen circumstances, the exercise is expected to be completed by the first half of 2019.