HAGL opts out of Myanmar project

By Dat Nguyen October 2, 2019 | 06:29 pm PT

Hoang Anh Gia Lai Myanmar Centre in Yangon, Myanmar. Photo courtesy of Hoang Anh Gia Lai.

HAGL, once a leading real estate firm in Vietnam, has sold its largest project stake in Myanmar to compatriot auto firm Truong Hai.

Hoang Anh Gia Lai (HAGL) recently said it has sold its remaining 47.93 percent stake in subsidiary HAGL Land to a subsidiary of Truong Hai Auto (THACO).

HAGL Land’s main asset is the HAGL Myanmar complex, which comprises premium office buildings, a hotel and a mall in the former capital Yangon.

The first phase of the complex is now in operation, while the second one is being constructed by THACO subsidiary Dai Quang Minh, a real estate and construction firm.

The move by HAGL reflects its commitment to agriculture, the main business it has been focusing on in recent years.

Last year, the company invested VND976 billion ($42 million) to buy 5,300 hectares (13,096 acres) of land in Cambodia to grow bananas for export to China.

Its agriculture subsidiary, HAGL Agrico, reported 2018 revenues of VND3.7 trillion ($159 million) and losses of VND659 billion ($28 million) compared to a profit of VND527 billion ($22.7 million) in 2017.