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Tuesday, August 9, 2022

Sao Thang Long breaks ground on shopping mall upgrade project in Hanoi

The Saigon Times

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HCMC – Sao Thang Long Investment JSC (DST) and Kim Lan Ecotourism JSC on July 27 started work on a project to renovate the Thor Complex shopping center in Hanoi.

The center is a seven-story building a total floor area of 21,122 square meters at a prime location in Hai Ba Trung District.

The facility offers a wide range of services including, shopping, dining, entertainment and office space for lease. It is expected to become a convenient destination for young people and families as it is adjacent to major universities and a busy residential area in the district.

Bui Viet Dung, general director at DST, the project’s investor, said that the renovation of the shopping center is the key project of the two companies this year.

The upgrade project is scheduled to be put into service in December this year, he added.

DST is currently a strategic shareholder of Kim Lan Ecotourism Company. After its successful deal to acquire a stake in the tourism firm, DST is expected to raise its charter capital to VND1.53 trillion in 2022 and become more financially powerful to conduct more M&A deals linked to shopping mall and office for lease projects in the upcoming time.

In the second quarter of this year, DST saw its before-tax profit rising over ninefold against the 2021 figure at over VND15.3 billion.

In the trading session today, July 29, DST closed 3.45% lower at VND8,400.

On the HCMC market, the benchmark VN-Index shed 1.79 points, or 0.15%, over the session earlier at 1,206.33, with 189 advancers and 239 decliners. Trade on the southern bourse contracted nearly 12% in volume and 2% in value against yesterday at over 590 million shares and around VND15 trillion.

Property developer VIC was the main drag of the index as it fell 4.5% to its intraday low at VND64,000 per share.

Consumer goods producer MSN fell 3.5%. Many other bluechips such as tech giant FPT, mobile phone retailer MWG, and lender CTG dropped into negative territory.

On the Hanoi bourse, the HNX-Index lost 1.23 points, or 0.42%, against the previous session at 288.61, with 73 winners and 108 losers.

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