11:20 | 20/02/2017 Companies
Berjaya Land Bhd (BLand) will be exiting its Vietnam-based Berjaya Long Beach LLC (BLong Beach) business, as it will be selling its entire stake in the latter to Sulyna Hospitality Hotel Restaurant Travel Service Co Ltd for 333.25 billion VND or nearly 15 million USD.
|A corner of Long Beach Phú Quốc resort|
In a filing with Bursa Malaysia, BLand announced that Sulyna would be acquiring its entire 70 percent stake in BLong Beach following the proposed disposal of ownership. BLand owns BLong Beach via its wholly owned subsidiary, Berjaya Leisure (Cayman) Ltd (BLCayman).
BLCayman will also be waiving the total outstanding debt owed by BLong Beach worth approximately 87.50 billion VND (3.9 million USD). The entire process of the proposed stake disposal by BLCayman is expected to be completed by early 2018.
BLong Beach is principally involved in the operation and management of an international four-star resort-cum-spa hotel in Phu Quoc Island, Kien Giang Province. The hotel has 109 standard rooms, six suites and four VIP suites with a swimming pool, restaurants, banquet rooms and a spa center.