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Bong Sen eyes 51% of Daeha Trade Center

Released at: 10:08, 31/07/2015

Bong Sen eyes 51% of Daeha Trade Center

Corporation intends to spend over $165 million on share in Hanoi trade center.

by Quynh Nguyen-Nhat Binh

The Bong Sen Corporation, a subsidiary of the Saigon Tourist Holding Company, will hand over VND3.6 trillion ($165.6 million) to purchase 51 per cent of the Daeha Trade Center in Hanoi.

Bong Sen will sell 163,172,944 of its own shares at VND10,000 ($0.46) each to fund the purchase. The total value of the Daeha Trade Center after the purchase will be VND7.1 trillion ($326.6 million).

The Daeha Trade Center has three buildings, including the Daewoo Hotel, an apartment block, and an office block, in Kim Ma Street, Ba Dinh district.

In 2012 the Hanel Company Limited acquired a 70 per cent share in Daeha, but the value of the deal was not disclosed.

Bong Sen Corporation had total assets of VND1.12 trillion ($51.52 million) at the end of 2014. Net revenue for the year reached nearly VND402 billion ($18.49 million) and profit before tax nearly VND91 billion ($4.18 million).

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