Billionaire Pham Nhat Vuong has sold 80% of shares at Vinhomes Royal Island to foreign partners.

(NLDO)- Billionaire Pham Nhat Vuong's Vingroup has sold 80% of its shares in VYHT Company, which manages the Vinhomes Royal Island project, to a foreign partner.

Vingroup Corporation has just announced a resolution of the Board of Directors on the transfer of 99.93% of shares in VYHT Joint Stock Company. Accordingly, VYHT Joint Stock Company, the company in charge of part of Vingroup's Vinhomes Royal Island project, will transfer 80% to a foreign partner, and 19.93% of shares will be transferred to Vinhomes Joint Stock Company under Vingroup. After the transaction is completed, VYHT is no longer a subsidiary of Vingroup.

Overview model of Vinhomes Royal Island project

VYHT Company was just established in June 2024 (in Hai Phong City) specializing in real estate business. Specifically, it is implementing investment, construction, business and operation of part of the project of Entertainment, housing and ecological park on Vu Yen Island ( Hai Phong ). The project has a total investment capital of 2.4 billion USD, with the commercial name Vinhomes Royal Island, which opened for sale last March with a scale of 877 hectares. The project includes villas, townhouses, shophouses surrounding the golf course as well as service areas such as entertainment, shopping centers, parks, horse racing tracks...

Recently, foreign press also reported that Vingroup wants to sell shares in two subsidiaries in the AI sector, VinBrain and VinAI, to its partner, Nvidia Corporation (USA). In the financial report for the past 6 months, Vingroup holds 49.74% of shares in VinBrain and 65% in VinAI, with the total amount that the group has invested in at least 22 million USD in the two companies.

Closing the weekend trading session, VIC shares decreased slightly, to 40,500 VND/share.

Source: https://nld.com.vn/ti-phu-pham-nhat-vuong-da-ban-80-co-phan-tai-vinhomes-royal-island-cho-doi-tac-nuoc-ngoai-196241130112522396.htm