VNRE - Vinpearl Joint Stock Company will merge with Vincom Joint Stock Company to form the new Vingroup.
According to the press release, both companies’ Boards of Directors met on October 4 and approved the merger in a bid to enhance competitiveness and expand their businesses by combining resources of two of the leading companies in Vietnam.
After the merger is completed, Vinpearl shares (VPL) will be listed under the Vincom’s VIC symbol.
The merger will create a stronger corporation to rival foreign competitors in real estate development and the resort business, said Le Khac Hiep, Vice Chairman of Vingroup and Chairman of Vincom’s Board of Directors.
Hiep added the new Vingroup will focus on developing its four specialised brands: Vincom (real estate development), Vinpearl (travel and entertainment services), Vincharm (beauty care) and Vinmec (high quality medical services).
Vincom, with a chartered capital of over VND3.9 trillion (US$187.2 million), is the owner of numerous real properties including Vincom Center Hanoi and Vincom Center Ho Chi Minh City, as well as Vincom Village, Times City and Royal City in Hanoi.
Vinpearl has a chartered capital of VND 2 trillion (US$96 million) and is a leading chain of luxury resorts and hotels in Vietnam.
Source: Nhan Dan