Financial conglomerate Ocean Group (OGC) has announced it will divest several of its companies and sell some of its real-estate projects, the Tri Thuc Tre reported. The group will particularly seek buyers for the stakes it owns in Fafilm Viet Nam (69 per cent) and Dai Duong Natural Resources Development (34 per cent).
Also, it no longer wishes to remain the owner of three realty projects.
The Lega Fashion House, with an expected investment capital of VND800 billion in HCM City, is a joint venture of the group with Gia Dinh Investment and Development and garment company Legamex. It was initially agreed upon that the Ocean Group will contribute 75 per cent of the investment value.
Meanwhile, a building project on Tran Khanh Du Street, Ha Noi, valued at VND774 billion, will also be sold by the Ocean Group. Another project in Ha Noi that the group is selling is the HH – StarCity Centre.
In September 2014, the Ocean Group had also sold its retail arm – Ocean Retail – to property giant Vingroup. The supermarket chain owned by Ocean Retail was later renamed VinMart.
OGC shares have been continuously declining since Ha Van Tham, former chairman of OceanBank, was arrested for regulatory violations. The company's stock closed at just VND5,000 yesterday, sliding 3.8 per cent.
According to the HCM City Securities Company, the group is making the sales to collect money for its debt payments.