Viet Nam Electricity Construction Joint Stock Corporation (VNE) has sold its entire stake in Hue Green Tourism Joint Stock Company for more than VND279.3 billion (US$12.3 million), the company announced.

In its filing to HCM Stock Exchange on June 18, VNECO said it had sold 20.77 million shares, equivalent to 99.86 per cent of Hue Green Tourism’s capital, to three investors for VND13,499 per share.

The transfer price was double its price of VND6,480 per share on the HCM Stock Exchange on June 18.

Hue Green Tourism, which manages the four-star Green Hue Hotel, is no longer a subsidiary of VNE since June 18, the company said.

The buyers of VNE’s stakes are Silk Path Hotel Joint Stock Co, which purchased nearly 20.4 million shares, and two individuals – Bui Tu Phuong, director and legal representative of Silk Path Hotel, and Ta Dam Hung.

Silk Path Hotel, with a charter capital of VND383 billion, has two hotels in Ha Noi and a five-star hotel in Sapa.

The divestment of Hue Green Tourism is part of VNE’s restructuring plan to withdraw capital from real estate projects as well as its subsidiaries and affiliates to focus on its core business, such as power construction and renewable energy.

According to Bao Viet Securities Co., apart from Hue Green Tourism, VNE can transfer assets to other companies, such as Greenmart, Da Nang Green Hotel and real estates in HCM City.

VNE has targeted a revenue of VND1.3 trillion and a net profit of VND86 billion this year, up by 63 per cent and 21 per cent year-on-year, respectively. However, the company has so far earned just VND5.5 billion in net profit, equivalent to 6.4 per cent of its annual goal. – VNS