## Vietnam Container Shipping Joint Stock Company (VSC) Announces Board Resolution on Hyatt Place Haiphong Hotel Project Contract Termination
Vietnam Container Shipping Joint Stock Company (VSC-HOSE) announces the Board of Directors’ resolution to terminate the contract for the Hyatt Place Haiphong Hotel project.
Accordingly, VSC has approved the termination of the investment and business cooperation contract for the Hyatt Place Hotel project and the full settlement of debts with Baoviet Commercial Joint Stock Bank related to this project.
The Hyatt Haiphong Hotel project is a collaboration between two subsidiaries of Viconship, Green Logistics Center Limited Company and Green Port Service Limited Company, and the investor, T&D Group Joint Stock Company.
According to the 2023 annual report, Viconship recognized a long-term business and investment cooperation contract worth 813.6 billion VND. This collaboration with T&D Group aimed to develop the Hyatt Place Haiphong Hotel project, which has commenced construction and is expected to commence operations in 2024.
The project is built on a nearly 2,000-square-meter plot of land in a prime location in the center of Haiphong, with a total investment capital of 1,423,600,000,000 VND. The subsidiaries of VSC contributed 823.6 billion VND (411.8 billion VND each), and T&D Group contributed 600 billion VND. The original contributed capital of the subsidiaries was transferred to T&D Group for project implementation and will be repaid by T&D Group from 2024 onwards. Specifically, from 2024: a minimum payment of 5 billion VND/year; from 2028: a minimum payment of 15 billion VND/year; and from 2035: a minimum payment of 34.25 billion VND/year.
Recently, Vietinbank Capital purchased 9.2 million VSC shares, increasing its ownership in VSC to 22 million shares, or 8.25% of the charter capital, thus becoming a major shareholder of the company as of June 11. At the closing price of 23,350 VND/share, Vietinbank is estimated to have spent 215 billion VND to acquire these shares.
VSC’s shareholders also approved the company’s 2024 business plan, with expected revenue of 2,450 billion VND, pre-tax profit of 320 billion VND, and a dividend rate of 10% of charter capital.
On June 28, VSC shares closed at 22,000 VND/share.
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Unprecedented Event in 15 Years at a Leading Container Shipping Service Provider in Vietnam
This business is one of the leading port operators and logistics service providers in Vietnam, specializing in supply chain management.
