The Ha Noi Electronics Corporation (Hanel) has completed procedures to acquire a 70 per cent stake in Daewoo, a Ha Noi-based five-star hotel, from South Korea's Daewoo Engineering and Construction Co Ltd (Daewoo E&C), acording to the local press.
HA NOI — The Ha Noi Electronics Corporation (Hanel) has completed procedures to acquire a 70 per cent stake in Daewoo, a Ha Noi-based five-star hotel, from South Korea's Daewoo Engineering and Construction Co Ltd (Daewoo E&C), acording to the local press.
Mentioning the deal with economic news website vneconomy.vn on the condition of anonymity, a Ha Noi Department of Planning and Investment official said the move was "normal in the current context" and the market was likely to see several new deals involved in hotels in the coming time.
The official reportedly added that procedures were simple as this was not an entire-project transfer and authorities would only need to modify the current investment licence without granting a new one.
Over the last two months, while no official deal value has been revealed, there were rumours that Hanel was going to acquire the 70-per-cent stake at a price of US$100 million. Some media reports said the company had successfully implemented the acquisition.
Hanel's office staff Nguyen Tuyet Mai, who is in charge of the press, confirmed with Viet Nam News yesterday that the deal was still underway and its developments hadn't been in the state for publicity.
The municipal planning department's deputy director Nguyen Van Tu told Viet Nam News yesterday that he would introduce a person who "knows more clearly about the deal" to give further information, but the source couldn't be reached later.
Hanoi Daewoo Hotel is located in downtown Ba Dinh District. — VNS