Mr. Thuy officially becomes the owner of Kim Lien Hotel

Mr. Nguyen Duc Thuy was elected Chairman of the Board of Directors of Kim Lien Tourism Company (Kim Lien Hotel) on January 27.

The deal worth about 1,000 billion VND of Mr. Nguyen Duc Thuy has just been officially confirmed after he was elected as Chairman of Kim Lien Tourism Company. Previously, Mr. Thuy's Thaigroup Corporation owned 52.4% of shares in this famous hotel in Hanoi in a recent share offering.

According to Mr. Nguyen Duc Thuy, investing in Kim Lien Hotel is part of Thaigroup's long-term strategy. After taking office, he will continue to strengthen the personnel, appointing two more members to join the Board of Directors of Kim Lien Hotel, replacing the members previously appointed by the State Capital Investment Corporation (SCIC).

"In the future, Kim Lien Hotel will be developed into a highlight of Hanoi with a complex of 4 and 5 star international brand hotels," said Chairman Nguyen Duc Thuy.

Mr. Thuy is said to have spent 1,000 billion VND to buy Kim Lien hotel.

At the end of December 2015, the auction of nearly 3.6 million shares of SCIC in Kim Lien Tourism Company attracted attention in the financial world when it was sold at 274,200 VND per share, with a total value of more than 1,000 billion VND. At that time, the details of the buyer were not announced by the Hanoi Stock Exchange.

Thaigroup, formerly known as Xuan Thanh Group, was established in 2007 with a charter capital of VND2,500 billion. The company is currently making long-term investments in the cement, fertilizer, and hydropower industries. In addition, the company has also expanded its investments to education, tourism, and luxury resorts.

Kim Lien Hotel has a long history in Hanoi, a very prime location on a 3.5ha land on Dao Duy Anh Street (Dong Da). The hotel currently has 9 buildings, 437 rooms and 5 restaurants. In 2014, the hotel's revenue reached 127 billion VND, profit after tax was 13.5 billion VND.

However, the land where the hotel is located is not theirs but is a long-term lease. In September 2014, the Hanoi People's Committee decided to lease 3.5 hectares of land to Kim Lien Tourism Company for a 50-year lease term starting in 1993. Thus, the land lease term is until 2043.

Aries

According to VNE