Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers
Amata VN, the Vietnam arm of Thailand’s leading industrial park developer Amata, has approved a plan for its subsidiary Amata City Long Thanh Urban JSC (ACLT) to sell its remaining 51% stakes in two entities to local developer Novaland-linked buyers.
The entities, Amata Long Thanh Service Urban 1 (ASCLT1) will be sold to Nova Rivergate Co. Ltd. for $21.56 million and Amata Long Thanh Service Urban 2 (ASCLT2) to Nha Rong Investment and Commercial JSC for $24.58 million, Amata Corporation PCL said in a filing to the Stock Exchange of Thailand on September 1.
The total value of the transaction is $46.14 million and is expected to close in 2026. Amata had previously sold 49% of both firms, meaning the two will no longer be its subsidiaries by 2026.
Amata said the divestment would allow it to collaborate with specialized local property developers, boost liquidity, and sharpen focus on its long-term core businesses.
Amata City Ha Long (Quang Yen Industrial Park) in Quang Ninh province, northern Vietnam. Photo courtesy of Amata VN.
In the first half of this year, Amata VN reported revenue of THB1.9 billion ($60 million), down 18% year-on-year, while net profit slipped 6% to THB93.4 million ($2.9 million).
The decline was driven by weaker utility service revenue, its largest segment, which fell to THB1.3 billion ($41 million). Real estate provided some offset, contributing THB628 million ($20 million) from land transfers at Amata City Ha Long (6.4 hectares) and Amata City Long Thanh (4.1 hectares).
As of June 2025, total assets stood at THB13.6 billion ($429 million), down 8% from the start of the year, while liabilities declined 10% to THB7.7 billion ($243 million).
Despite short-term headwinds, Amata VN is pressing ahead with expansions in industrial parks and green energy. Earlier this year, it invested VND26 billion ($986,000) to increase its stake in Amata B.Grimm Power Vietnam, a rooftop solar developer.
In August, it formed a joint venture with Marubeni Green Power Vietnam to develop rooftop solar projects at Amata City Ha Long Industrial Park.
Entering Vietnam in 1994, Amata currently operates three major industrial parks: Amata City Bien Hoa (513 ha), Amata City Long Thanh (410 ha), and Amata City Ha Long (714 ha).
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