Khai Viet International Investment (KaiViet Investment Co., Ltd) has replaced Khai Tiep International Investment (Kai Chieh International Investment Ltd) as the parent company of Hoang Gia International Joint Stock Company (HOSE: RIC).
Specifically, Khai Viet International Investment Company Limited received the transfer of all 52.49% of RIC's capital, equivalent to 36.94 million shares from the parent company - Khai Tiep International Investment Co., Ltd on October 22, 2021.
It is known that Khai Tiep International Investment is headquartered in the Cayman tax-free archipelago and is also the parent company of another casino hotel in Vietnam - Lang Son International Joint Stock Company (the investor of Casino Lang Son International hotel). .
Notably, Khai Viet Investment (headquartered in Cayman) is also a subsidiary of Khai Tiep International Investment, which has just been established and was later consulted by this parent company to transfer all ownership rights to 52.49 % share of RIC.
The purpose of this move is to call for partners to cooperate in building more 5-star hotels on the land in front of the current Royal Hotel, right after the investment policy is approved by Quang Ninh province. The project has a total area of about 14,695 m2.
In addition to changing the direct controlling shareholder, RIC also launched a rather ambitious business plan for the 2021-2025 period, with an average profit growth of 30% per year despite the Company's business performance assessment. will continue to be affected by the Covid-19 pandemic and have to pay more land rent in the coming years. In which, RIC expects total revenue of more than 56.8 million USD (more than 1,300 billion dong) and total profit after tax of the whole period is 4.57 million USD.
Recently, RIC has just reported a loss for the 8th consecutive quarter with a net loss of more than VND 25 billion in the third quarter due to the impact of the Covid-19 pandemic. Accordingly, in the first 9 months, the company had a net loss of nearly 70 billion dong. The burden of net loss in the first 9 months of the year makes the achievement of RIC's profit after tax target of 11.6 billion dong in 2021 somewhat "fanciful".
Since the Covid-19 epidemic appeared in the fourth quarter of 2019, RIC has continuously slipped in losses. After 8 consecutive quarters of loss, RIC's accumulated loss has increased to nearly 380 billion dong.
