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Thang Long GTC to conduct IPO

Released at: 17:33, 15/07/2015

Thang Long GTC to conduct IPO

Hanoitourist subsidiary to hold public auction in mid-August.

by Son Ho

The Hanoi Stock Exchange has announced that the initial public offering (IPO) of Thang Long GTC Ltd. will be held in mid-August.

Its charter capital is estimated at VND552.6 billion ($25.34 million), equal to 55 million shares. The company will sell 33,882,300 shares (61.3 per cent) in the form of a public auction on the morning of August 13 at a starting price of VND10,600 ($0.49) per share. Further information will be released shortly.

Thang Long GTC is a subsidiary of the Hanoitourist Corporation, which primarily operates in the trading of goods, imports and exports, tourism, travel transportation, hotels, real estate leasing, and package printing.

Its most valuable assets lie in joint venture investments such as InterContinental Westlake (25 per cent), Hilton Hanoi Opera Hotel (30 per cent) and Big C Thang Long (35 per cent). It also holds a 35 per cent share in Thang Long Property, 29 per cent in Pacific Thang Long, 30 per cent in the Pan Horizon Hotel, 9 per cent in Capital Tower, and 7 per cent in Taxi Hanoitourist.

At the end of March another subsidiary - Hanoi Toserco - conducted a successful IPO, with the number of shares registered for purchase being four times higher than those available.

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