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Ocean Group to sell StarCity Center

Released at: 17:07, 29/07/2015

Ocean Group to sell StarCity Center

Land in Trung Hoa - Nhan Chinh area may be transferred to Vingroup.

After its shareholders meeting on July 28, Ms. Nguyen Thi Dung, Deputy General Director of Ocean Group, told local media that the corporation is now restructuring its investment in the StarCity Center, a new urban area located in the south-east of Hanoi, in Tran Duy Hung Street.

The total investment for the project is VND7.5 trillion ($343.725 million), from the Ocean Thang Long Investment JSC (in which Ocean Group holds 80 per cent) and the Vietnam Construction and Import - Export JSC (Vinaconex). Ocean Group invested 80 per cent and Vinaconex 20 per cent.

Under the approved restructuring decision. Ocean Thang Long will be split into two new legal entities. Ocean Group will transfer all the contributed capital of the company at a minimum price of VND18,000 ($0.825) per share, to restructure cash flow and make repayments on financial obligations.

“At the moment we are negotiating to transfer the project to Vincom Retail and Vincom Ba Trieu, with the profit expected to be no less than VND1 trillion ($45.83 million),” said Ms. Dung. The company has engaged appraisal units and committed that the transfer rate is feasible and beneficial to shareholders.

Ocean Group previously transferred Ocean Retail to Vingroup.

The StarCity Center project is on five hectares in a great location in the Trung Hoa - Nhan Chinh area. The project has yet to be implemented, however, and was previously on a list of land that may be retrieved by the State.

Son Ho

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