Success Dragon Aborts Share Acquisition Plan of Vietnamese Hotel

Tuan Minh

10:44 21/06/2016

BizLIVE - Gaming services firm Success Dragon Holdings Ltd has back out from a deal to acquire a 45% stake in a five-star hotel in Da Nang city, Vietnam’s fourth largest metropolis.

Success Dragon Aborts Share Acquisition Plan of Vietnamese Hotel

One Opera Danang Hotel in Da Nang city. (Photo:

Hong Kong-listed Success Dragon Holdings Ltd has dropped a plan to purchase a 45% interest in a five-star hotel and land for further development in Vietnam’s central city of Da Nang for $14.13 million, the firm said in a filling to the Hong Kong Stock Exchange.
The gaming services company, formerly known as C Y Foundation, in March announced that it was to acquire the entire issued share capital owned by Vabis Building Consultants and Engineering Ltd in a company that operates One Opera Danang Hotel.
The deal covered an electronic gaming machine club operated in the premises of the hotel.
Success Dragon Holdings said it decided to terminate the deal due as the vendor, My Ngoc Nguyen, had “difficulty in obtaining the requisite consent for the implementation of the [asset] reorganization.”
In December, Success Dragon said it had made two agreements to manage electronic gaming machines at gaming clubs in two five-star hotels in Vietnam, including at the One Opera Danang Hotel.
Under the deal, Success Dragon was appointed as exclusive manager of games with prizes at the electronic gaming machine club at One Opera Danang Hotel for an initial term of 10 years.
One Opera Danang Hotel is a 24-storey hotel and commercial complex located in Hai Chau district of Da Nang City, while the land plot that was to be acquired is located adjacent to the hotel for could be developed into a hotel or other compatible constructions.


Từ khóa: Da Nang