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Tuesday, August 9, 2022

Vinpearl Landmark 81 no longer affiliate of Vinhomes

The Saigon Times

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HCMC – Vinhomes JSC (VHM) has announced it has transferred its entire stake in Vinpearl Landmark 81 JSC to Vinpearl JSC, meaning that Vinhomes is no longer the stakeholder and parent company of Vinpearl Landmark 81.

Vinpearl Landmark 81 and Vincom Retail Landmark 81 JSC were established by Vinhomes in February this year.

Of the Vinpearl Landmark 81 company’s charter capital exceeding VND1.605 trillion, Vinhomes contributed over VND1.603 trillion, or a 99.88% stake.

As for Vincom Retail Landmark 81, its charter capital is over VND1.228 trillion, with VND1.226 trillion contributed by Vinhomes, or a 99.81% stake.

These two subsidiaries of Vinhomes are headquartered at the Vincom Center Dong Khoi in HCMC’s District 1.

Vinpearl Company, a tourism and hospitality subsidiary of the local conglomerate Vingroup, agreed last February to transfer the management rights of its 12 hotels and resorts to the Meliá Hotels International hotel chain for a minimum duration of 10 years.

Under this deal, the 12 Vinpearl hotels and resorts will be renamed Meliá Vinpearl. Vinpearl said that the cooperation with Meliá is part of its strategy to elevate and internationalize the Vinpearl brand in the hospitality industry.

Vinhomes is a property developer and among the biggest affiliates of Vingroup.

Vinhomes is looking to earn VND75 trillion in revenue and VND30 trillion in after-tax profit this year, down 12% and 23% against the 2021 figures.

According to its financial statement, Vinhomes obtained VND8.923 trillion in net revenue and VND4.725 trillion in after-tax profit in the first quarter of this year, falling 31% and 14% compared to the same period last year, respectively.

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