After a series of business successes like the Ranee premium fish oil, the construction of a fishmeal processing plant with a yearly output of 360,000 tonnes and the listing of shares of its member company, TRISEDCO, on HOSE, Sao Mai Group recently embarked on Sao Mai Phu Quoc Resort.
With Sao Mai Phu Quoc Resort, Sao Mai Group moved another step into tourism following its Sao Mai Resort in Ba Ria - Vung Tau province.
Big project
Sao Mai Phu Quoc Resort was kicked off by Sao Mai Group on November 8, 2015 at a total cost of VND1,200 billion. The project is situated on 20 ha in Bai Truong (Long Beach), which consists 10 ha of resort and ecological tourism and 10 ha of hotels and residence.
| Mr Le Thanh Thuan, President and General Director of Sao Mai Group, said “the urban area of the Sao Mai Phu Quoc Resort project will be completed in 2016 and the resort will be completed in 2018.” |
With a gorgeous beach comparable to Bai Dai Beach, internationally voted as the top of 13 most beautiful pristine beaches in the world, an adequate infrastructure, a high-quality standard design, an excellent living environment, a high-grade entertainment service resort on Phu Quoc Island, a supposed tourism paradise in Vietnam, Sao Mai Phu Quoc Resort will surely be an ideal resort for tourists. The construction is another step of Sao Mai Group with tourism business, expected to be a new core business of the group.
No worry about capital
With a total investment capital amounting to VND1,200 billion, given its many ongoing projects, the availability of capital of Sao Mai Group is a major concern to many. This key factor also affects the project progress. Speaking at the ground-breaking ceremony of Sao Mai Phu Quoc Resort, Mr Le Thanh Thuan, President and General Director of Sao Mai Group, said the group will spend VND600 billion from the total proceeds of VND1,072 billion raised in a successful public share offering in September 2015 on this project. A half of remaining value will be borrowed from some big banks. In addition, to further strengthen traditional partnership relations with banks, Sao Mai Group and the Bank for Investment and Development of Vietnam ( BIDV)- Phu Quoc Branch signed a strategic cooperation agreement. This partnership will enable Sao Mai Group to access a big financial source and enjoy high-quality financing services when it does business in Phu Quoc. In turn, BIDV will also have another big, healthy, reputable partner in the currently tough business environment.
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