Group to part with real estate projects while focusing on transport projects.
The Ocean Group Joint Stock Company (Ocean Group) has announced plans to divest from and sell some of its major projects.
After Mr. Ha Van Tham, former CEO of the Ocean Group, was arrested last year the Group decided to sell seven penthouses at its Star City project and also sell three of its projects. According to its latest annual report the Group has approved 65 decisions relating to the sale of shares and investment projects and in moving forward with new transport projects.
The Board of Directors approved to transfer part of its shares in Ocean Bank, in which it holds 20 per cent. It also agreed to selling 70 per cent of its shares in Ocean Retail, the owner of Ocean Mart and Ocean Mall, to Vingroup in October, which were then renamed VinMart .
Since Mr. Tham’s arrest Ocean Group has transferred seven penthouses at the Star City project at 81 Le Van Luong Street, Hanoi, and another project at 25 Tran Khanh Du, Hanoi. Star City has investment capital of VND800 billion ($38 million) and an area of 5,620 square meters, while the project at 25 Tran Khanh Du has VND774 billion ($36 million) in investment and an area of 6,435 square meters. The Group also sold its HH-CTCP project in Tran Duy Hung Street, with an area of 50,575 square meters.
While withdrawing capital from some of its real estate projects the Group has focused on transport projects through investing in build-operate-transfer (BOT) projects in Hanoi and Bac Giang province and a highway project in My Thuan, Can Tho province.
Mr. Tham was arrested on October 24 last year on accusations that he violated regulations on credit activities when holding the position of Chairman of the Board of Directors at Ocean Bank.