Vietnam's property developer Vingroup JSC said Friday it has acquired a 70 percent stake in supermarket chain operator Ocean Retail Co., a subsidiary of Ocean Group, and will change its name to VinMart Supermarket Co.
The value of the deal was not released.
Thoi bao Kinh doanh quoted an Ocean Group resolution as saying that the company has agreed to sell its entire stake of 90 percent in Ocean Retail, equivalent with 27 million shares, which are worth VND270 billion (US$12.7 billion) at face value.
Ocean Group will continue to select investors to transfer the remaining 20 percent stake, the report said.
Ocean Group general director Duong Trong Nghia said in a statement that his firm wants to restructure its investment fields this year to focus on banking and hotel sectors and several large-scale property projects.
Established in 2010 with a registered capital of VND300 billion (US$14.2 million), Ocean Retail now runs nine supermarkets under OceanMart brand name in Hanoi and three northern provinces, Hai Duong, Ninh Binh and Ha Tinh.
The supermarket chain spans a total area of roughly 40,000 square meters and has nearly 1,500 employees.