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The buyer’s identify and deal value was not disclosed.
A Singaporean firm has bought Novaland’s F&B business, local media has reported.
A report by VnExpress International said that Nova FnB Company, the F&B business arm of Novaland has been acquired by an undisclosed Singaporean firm through an arrangement with VinaCapital.
The deal takes place as the real estate group is embarking on a comprehensive restructuring, with plans to focus on its core business.
Nova FnB operates several restaurant and coffee chains like Jumbo Seafood, Sushi Tei, and Gloria Jean’s Coffees which have been developed through franchise agreements.
After the acquisition, the Singaporean company hired IN Hospitality to manage and operate Nova FnB. IN Hospitality operates the convention and wedding centres GEM Center and White Palace in Ho Chi Minh City.
Nguyen Thanh Ha Ngoc, general director of IN Hospitality, has now become the legal representative and general director of Nova FnB.
The value of the deal was also not disclosed.
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