Vinhomes divests from Vinpearl Landmark 81 JSC

Vinhomes, a subsidiary of Vietnam’s largest private conglomerate Vingroup, has entirely divested from Vinpearl Landmark 81 JSC.

The acquirer of the stake is Vinpearl, another subsidiary of Vingroup. Following the transaction, Vinhomes is no longer the parent company of Vinpearl Landmark 81, the firm wrote in a report sent to stock market authorities.

Vinpearl Landmark 81, established in late February 2022 and headquartered in Ho Chi Minh City’s District 1, has a chartered capital of over VND1,605 billion, of which Vinhomes contributed more than VND1,603 billion ($68.48 million), holding a 99,88% stake.

Its main business lines are hotels, villas, condotels, and eco-tourism real estate.

Vinhomes, listed on the Ho Chi Minh Stock Exchange as VHM, expected a revenue of VND75,000 billion ($3.24 billion) and profit after tax of $1.29 billion in 2022, down 12% and 23% from the 2021 results, respectively.

Total consolidated net revenue reached $385 million in the first quarter of 2022, owing to the handover of three significant real estate projects, namely Vinhomes Ocean Park, Vinhomes Smart City, and Vinhomes Grand Park.

The company is expected to pay 2021 dividends in cash mounting to VND8,700 billion ($375 million). The dividend rate is 20%, which means each share will receive VND2,000 ($0.09). Vingroup, with a 66.66% ownership in Vinhomes, will receive over VND5,800 billion ($248 million).