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Bitexco buys State stake in Huong Giang Travel

Released at: 11:27, 19/07/2016

Bitexco buys State stake in Huong Giang Travel

Photo: Duc Anh

Group purchases more than 70% in Thua Thien Hue tourism company.

by Hong Nhung

The Bitexco Group has secured the entire State stake in the Huong Giang Travel Joint Stock Company after signing a strategic cooperation agreement with the Thua Thien Hue Provincial People’s Committee.

In response to enquiries from VET, Mr. Vu Quang Hoi, Chairman of the Bitexco Group, confirmed that “the group has bought 70.48 per cent of the charter capital in Huong Giang Travel,” or equivalent to 14,096,200 million shares. He did not reveal any further information about the deal.

Mr. Hoi therefore becomes Chairman of the Huong Giang Travel JSC, which holds 100 per cent of the Huong Giang Travel Company (HG Holdings) along with 91 per cent of the My An Travel Joint Stock Company, which is in possession of some valuable real estate in the province.

At the end of March the Provincial People’s Committee issued a decision granting approval to the Bitexco Group purchasing the entire State holding in Huong Giang Travel instead of 7.6 per cent, as was previously decided.

Securing more than 70 per cent of Huong Giang Travel allows Bitexco to change Huong Giang’s hotels into international-standard hotels.

According to Mr. Hoi, when signing the cooperation agreement with Thua Thien Hue province Bitexco committed to investing in projects developing local tourism infrastructure to international standard and promoting high quality tourism products that will attract visitors to the city.

Its development plan includes projects such as the construction of the high-end Aman Hotel and Resort, luxury My An resorts, which have hot mineral springs, the upgrading of the Sai Gon Morin to a five-star hotel brand, and supporting the promotion of Hue’s tourism potential to the world.

Local authorities, in turn, committed to supporting and creating favorable conditions for Bitexco to implement investment projects and business within the province.

The Minh Dien Vital Real Estate Joint Stock Company, a member of the Bitexco Group, has recently announced the launch and opening of display homes at the Manor Crown Hue project, which has an area of 4.2 ha at the An Van Duong urban area, which is Hue’s administrative center and next to the city’s services, tourism and entertainment area.

Bitexco now owns a number of major real estate projects in large cities, including the Manor My Dinh and the Manor Central Park in Hanoi and the Manor Officetel and Bitexco Financial Tower in Ho Chi Minh City.

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