FLC Group puts central Vietnam zoo up for sale

Business News

FLC Group puts central Vietnam zoo up for sale

Thursday, November 7,2019

AsemconnectVietnam - Private business group FLC has put up for sale its entire stake in Faros Zoo, a business it owns through a subsidiary.

FLC Faros Construction JSC (FLC Faros), a construction subsidiary of FLC Group, has passed a resolution approving the sale of its stake in Faros Investment and Development of Zoological Garden JSC (Faros Zoo) last Wednesday.

The company will find a buyer who will take its entire 90 percent stake in Faros Zoo for a price no less than VND225 billion ($9.67 million).

Trinh Van Quyet, chairman of FLC Faros and FLC Group, will find a buyer and negotiate the terms of the sale, according to the resolution.

FLC Faros did not give a reason for the sale of the subsidiary, and does not disclose Faros Zoo’s business results separately in its financial statements.

Faros Zoo was first established as FLC Binh Dinh Mineral JSC in 2015 with a charter capital of VND50 billion ($2.15 million), based in Quy Nhon Town, central Binh Dinh Province.

The Quy Nhon Safari Park managed Faros Zoo has an area of 200 hectares and nearly 1,000 animals. The park was part of the FLC Group’s VND20 trillion ($859.5 million) beach and golf resort complex in the city.

According to a disclosure in September by FLC Faros, Faros Zoo currently has a charter capital of VND250 billion ($10.74 million).

In the first nine months of this year FLC Faros reported a 46.8 percent rise in revenue to VND11.48 trillion ($493.32 million), but post-tax profits fell 52.4 percent to VND88.53 billion ($3.8 million).

Source: Vov.vn

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