The BLong Beach has 109 standard rooms, six suites and four VIP suites with a swimming pool, restaurants, banquet rooms and a spa centre. — File Photo

Berjaya Land Bhd (BLand) will be exiting its Việt Nam-based Berjaya Long Beach LLC (BLong Beach) business, as it will be selling its entire stake in the latter to Sulyna Hospitality Hotel Restaurant Travel Service Co Ltd for VNĐ333.25 billion or nearly US$15 million.

In a filing with Bursa Malaysia, BLand announced that Sulyna would be acquiring its entire 70 per cent stake in BLong Beach following the proposed disposal of ownership. BLand owns BLong Beach via its wholly owned subsidiary, Berjaya Leisure (Cayman) Ltd (BLCayman).

BLCayman will also be waiving the total outstanding debt owed by BLong Beach worth approximately 87.50 billion dong (RM17.15mil). The entire process of the proposed stake disposal by BLCayman is expected to be completed by early 2018.

Apart from BLCayman, two other parties hold ownership in BLong Beach. Le Thi Chi Private Enterprise holds 25 per cet in BLong Beach, while the rest is under the control of Long Beach J.S. Co.

BLong Beach is principally involved in the operation and management of an international four-star resort-cum-spa hotel in Phu Quoc Island, Vietnam.

The hotel has 109 standard rooms, six suites and four VIP suites with a swimming pool, restaurants, banquet rooms and a spa centre.

Commenting on its plan to exit BLong Beach, BLand said that the stake disposal provided an opportunity for the group to realise its investment in BLong Beach.

“The gross cash proceeds totalling 333.25 billion dong (or about RM65.32mil) will be utilised for working capital of the BLand Group,” said BLand.

The stake sale will not have any effect on the issued share capital and substantial shareholders’ shareholdings in BLand. — The Star/ANN