Viconship exits Hyatt Place Haiphong hotel project.
The Board of Directors of Container Vietnam Joint Stock Company (Viconship, HOSE: VSC) has recently approved the termination of the investment and business cooperation contract for the Hyatt Haiphong hotel project.
This project was a joint investment between two of Viconship’s subsidiaries, Green Logistics Center One Member Limited Company and Green Port Service One Member Limited Liability Company, and T&D Group Joint Stock Company.
Previously, at the 2024 Annual General Meeting of Shareholders held on June 10, 2024, Viconship approved the plan to divest from the Hyatt Place Haiphong hotel project.
The project was constructed on a nearly 2,000-square-meter plot of land in a prime location in the center of Haiphong, with a total investment of VND 1,422.6 billion, of which Viconship’s subsidiaries contributed VND 822.6 billion and T&D Group contributed the remaining VND 600 billion. The capital contribution was transferred to T&D Group for project implementation and will be repaid by the Group from 2024 onwards.
According to the repayment plan, from 2024, a minimum of VND 5 billion will be paid annually; from 2028, a minimum payment of VND 15 billion will be made annually; and from 2035 onwards, a minimum of VND 34.25 billion will be paid each year.
Viconship’s leadership explained that the divestment from the hotel project is aimed at focusing resources on the company’s core business areas, reducing financial burdens and loan interest expenses.
It is understood that in the first quarter of 2024 financial report, Viconship did not provide a detailed explanation of the investment cooperation item, but in the 2023 audited financial statements, the Company did provide such information.
As of December 31, 2023, Viconship recorded long-term business and investment cooperation contracts worth VND 813.6 billion (as of March 31, 2024, the long-term receivables item was VND 826 billion, almost unchanged from the beginning of the year at VND 827.2 billion). This cooperation agreement with T&D Group Joint Stock Company is for the implementation of the Hyatt Place Haiphong hotel project, which has commenced construction and is expected to begin operations in 2024.
As of the end of 2023, Viconship’s two subsidiaries recorded long-term loans of VND 696 billion at Baoviet Bank – Haiphong Branch. The loans, with a term of 20 years, are intended for capital contribution to the Hyatt Place Haiphong hotel project.
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