Kim Lien Tourism JSC is the owner of the 55-year-old historic Kim Lien Hotel, which has a prime location at the centre of Ha Noi. — Photo bizlive.vn

HA NOI (Biz Hub) — An investor paid more than VND1 trillion (US$44.4 million) to acquire nearly 3.65 million shares of Kim Lien Tourism Joint Stock Company, or 52.4 per cent of its charter capital.

The shares were bought from the State Capital Investment Corporation (SCIC) at an auction held on the Ha Noi Stock Exchange this morning.

Thirty-six investors, including 19 institutions and 17 individuals, registered to buy a total 131.1 million shares, which was 36 times more than the offered number.

These shares were sold to the highest bidding price of VND274,200 ($12.19) each, a nine-fold increase over the starting price of VND30,600 ($1.36).

Details about the investor who bought the shares have not yet been disclosed.

The state-owned Kim Lien Tourism Company primarily operates in the field of restaurant and catering services. It has a charter capital of nearly VND69.6 billion ($3.1 million).

Apart from the SCIC, the other three institutions that hold nearly 40 per cent of the company's charter capital are GPBank with a 21.6-per-cent stake, Post and Telecommunication Finance Co Ltd with a 6.7-per-cent stake and GP Invest Joint Stock Company with a 6.6-per-cent stake.

The success of the auction has been attributed to a high percentage of stockholdings that is sold as one lot, which will allow the investor to have a controlling stake in the company.

Kim Lien Tourism JSC is the owner of the 55-year-old historic Kim Lien Hotel, which has a prime location at the centre of Ha Noi. Last year, the firm earned VND127 billion ($5.6 million) in revenue and VND13.5 billion ($600,000) in after-tax profits.

Before the auction, many large enterprises expressed their interest in these stakes, including the state-owned Ha Noi Tourist Corporation, Refrigeration Electrical Engineering Corporation, ThaiGroup and Mien Trung Construction Corporation, all of which have more than VND2 trillion (nearly $89 million) in charter capital. — VNS