VietNamNet Bridge - Dozens of tycoons in the north have shown interest in buying Kim Lien Hotel which is located on prime land. 

Dozens of tycoons in the north have shown interest in buying Kim Lien Hotel which is located on prime land.

Despite the required deposit of VND11.2 billion, by December 15, 34 investors have registered to attend the auction where 52.4 percent of Kim Lien Tourism JSC’s shares will be put on sale in bulk.

The auction is scheduled to take place on December 22. 

Kim Lien Tourism’s shares have been hunted since the day SCIC announced the divestment, as the hotel is located on 3.5 hectares of "golden land" in the central business district of Hanoi. 

GP Invest has officially registered to attend the share auction and is one of the selected candidates. In fact, the presence of GP Invest on the list of investors was foreseeable as it is now a shareholder of Kim Lien Hotel.

GP invest now holds 6.62 percent of Kim Lien Tourism’s shares, while the group of GP Invest shareholders, including GP Bank, now holds 33.5 percent of shares. With the relatively high ownership ratio, GP Invest group is a big shareholder, but will be a ‘small shareholder’ if the new investor successfully buys the 52.4 percent of shares offered by SCIC.

By December 15, 34 investors have registered to attend the auction where 52.4 percent of Kim Lien Tourism JSC’s shares will be put on sale in bulk.

Nguyen Duc Thuy is also a well-known face in the list of registered investors. Its Thaigroup, which was previously Xuan Thanh Group JSC, hopes it can acquire the whole bulk of 52.4 percent of shares.

The list of investors also includes many other big companies in their business fields, namely Hanoitourist (tourism) with huge chartered capital of VND2.85 trillion, REE (refrigeration engineering) VND2.69 trillion, PTI (insurance), Cuong Thinh Thi Group (construction) VND1.089 trillion, Van Phu Invest and Phu My Group.

There will also be tens of individual investors at the share auction who are younger such as Vu The Cuong born in 1992 and Dao Thu Hoa born in 1990.

An analyst commented that though the race for Kim Lien Hotel is getting hotter, no one can say for sure if the shares will go for good prices.

In fact, a lot of large land plots on advantageous positions were put into auction before Kim Lien Hotel. However, the sales did not go as well as expected.

In late March 2015, VEFAC, the Vietnam Exhibition and Trade Fair Center offered to sell the 6.8 hectare land plot at No 148 Giang Vo Street in Hanoi. The average selling price was relatively low at VND10,058 per share, while 80 percent of shares were sold to the strategic shareholder at VND10,050 per share only.

M. Ha