TPC Village operates the international five-star hotel Intercontinental Hanoi West Lake Hotel in Hanoi.
KUALA LUMPUR: Berjaya Land Bhd
(B-Land) is disposing of its 75% stake in T.P.C Nghi Tam Village Ltd (TPC Village) to Hanoi Hotel Tourism Development Limited Liability Company (HHT) for RM222.18mil.
B-Land said on Friday its unit T.P.C Development Ltd was selling the stake in the joint venture TPC Village which operates the international five-star hotel Intercontinental Hanoi West Lake Hotel in Hanoi.
Thang Long GTC Joint Stock Company owns the other 25% stake in TPC Village.
“The cost of investment in TPC Village is about RM122.62mil,” it said.
“In conjunction with the proposed disposal, all amounts owing by TPC Village to TPC Development totalling US$71.63mil (about RM298.20mil) will also be fully settled by TPC Village,” it said.
B-Land said the proposed disposal represented an opportunity for the B-Land group to divest its investment in TPC Village.
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