Vietnam’s Hoang Anh Gia Lai (HAGL) Group will currently not search for investment partners and will continue to operate on its own investments, the company’s chief executive Vo Truong Son said.
“We are going to operate with our own investment and will not spend resources searching for additional investors. In the future, we will welcome investment partners, as long as they have the same objectives and strategies,” he told Myanmar Business Today.
HAGL had an initial agreement to execute the $550-million HAGL Myanmar Centre development project with Rowsley Limited, a Singapore-based company, but the agreement was mutually broken off due to the disagreement over the submitted tax rate of the investment capital.
The project is located on Kabar Aye Pagoda road on the east shore of Inya Lake, with 18 acres of land to house a shopping centre, apartments, an office building and a hotel. The five-star hotel will be built on a contract with Meliá Hotels International, who built a total of 350 hotels across 35 cities worldwide.
The project is now 95 percent completed and is expected to be finished by mid-2017.
Vo Truong Son said the firm is interested to issue stocks to local investors if the upcoming Yangon Stock Exchange regulations allow.
“The company will issue stocks, but according to existing laws, foreign entities are not allowed to be involved in this market. However, the exact regulations are yet to be made and we will participate in the stock market if the regulation allows us to do so.”