Malaysian developer inks Vietnam resort deal
18:14 04/03/2009

      Malaysian property developer Berjaya Land has, through its subsidiary Berjaya Land Cayman Ltd, signed a US$14.1 million contract to jointly own and run a resort hotel in Vietnam’s tourist island of Phu Quoc.

The company informed in a filing to the Malaysian stock exchange Monday that it signed the agreement with Vietnam’s Le Thi Chi Proprietorship (LTCP) and Long Beach Joint Stock Company (LBJSC) on August 9.

Subject to approvals, a joint-venture company will be formed to acquire the hotel from LTCP for $3.1 million.

Berjaya said a professional management company could be appointed to manage the hotel.

It added that the venture’s chartered capital would be $11.04 million.

Berjaya Land Cayman holds a 70 percent stake in the joint-venture, LTCP 25 percent, and LBJSC under 5 percent.

The hotel will be the first five-star resort-cum-spa hotel in Phu Quoc island which overlooks the Gulf of Thailand and is about 50 minutes by flight from Ho Chi Minh City.

Source: Bernama

Source : thanhniennews.com