Owner seeks to sell stake in Hanoi Daewoo Hotel

By Dat Nguyen   October 18, 2023 | 08:38 pm PT
Owner seeks to sell stake in Hanoi Daewoo Hotel
Hanoi Daewoo Hotel. Photo by Hanoi Daewoo Hotel
Bong Sen Corp, a company associated with the disgraced Van Thinh Phat, plans to sell its stake in Hanoi Daewoo Hotel to repay maturing bonds.

It plans to sell over 63.4 million shares in Daeha, the company that operates the hotel, as part of plans to liquidate assets to redeem bonds worth VND4.8 trillion ($195.36 million) it issued in October 2021.

The company also needs to pay interest of VND670 billion on them.

It is unclear what stake the 63.4 million shares represent in Daeha. Bong Sen acquired 51% of the company in 2015.

Daewoo Hanoi, one of the first five-star hotels in the capital, opened its doors in 1996 and has hosted international leaders such as U.S. President Bill Clinton and Russian President Vladimir Putin.

Bong Sen also plans to sell stakes in other hotels and property projects in Ho Chi Minh City, but has to wait for the police to complete their investigation into it.

It is one of 762 businesses associated with Van Thinh Phat, whose leaders have been arrested for alleged bond fraud. Bong Sen's assets have been frozen for the investigation.

Bong Sen was originally a subsidiary of state-run tourism company Saigontourist and was equitized in 2005.

It owns prime land lots in HCMC, where it operates hotels and restaurants.

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