Central Retail spends over $111mln for full ownership at Nguyen Kim

The deal was made in June 2019 through an indirect subsidiary, five years after acquiring 49% stake in the Vietnamese retailer, the retail giant said in a report.    

During the period from acquisition date to 30 September 2019, NKT New Solution and Technology Development Investment JSC, operator of Nguyen Kim retail chain, and its subsidiaries contributed revenue of $140 million and profit of $1.8 million to the group’s business results, statement said.

Nguyen Kim has shown negative business signs, including potentially being prohibited from doing business due to alleged tax evasion.

The company was founded in 2014 with a chartered capital of $33 million. At that time, Nguyen Van Kim and his family members held nearly 90% stake of of retailer.

In Vietnam market, Central Group operates 32 shopping centers and 215 retailing stores across the country. This group also operates hotels and resorts in Da Nang city.

Source: Central Retail