PSMT has signed a contract to sell two hotels in Quang Ngai

On March 4th 2014, Mien Trung Petroleum  Services & Trading Joint Stock Company (PSMT) – a subsidiary of PETROSETCO in which PETROSETCO holds 90% stakes – has signed a contract to sell Petro Song Tra and Petro Tower hotels in Quang Ngai city with value of VND 100 billions.

Petro Song Tra hotel was joint-ventured between PETROSETCO and Quang Ngai Tourist Company in 1998 and Petrosetco had acquired 100% stake in 2006. Petrosetco Tower hotel was developed and brought to operation since 2009. However, in recent years, this segment is inefficient.

Proceed from the sale of 2 hotels will be used for funding working capital of the most profitable segments, seeking optimal capital utilization. All transfer procedures are expected to be completed in Quarter 1 of 2014.