Donaco International Limited
(ASX:DNA) has inked a deal to boost its stake in the Lao Cai International Hotel Joint Venture in Vietnam to 95 per cent.
The operator of leisure, entertainment and associated technology businesses across the Asia Pacific region has bought an extra 20 per cent stake from an entity owned by the Government of Vietnam.
The date of transfer is expected on December 31, 2013 from when Donaco will be entitled to 95 per cent on the profits and the Government of Vietnam will retain a 5 per cent interest.
Donaco says the Lao Cai International Hotel Joint Venture is the vehicle through which it operates its flagship business which includes a boutique hotel and casino.
The Joint Venture is also building a new five star resort hotel and casino in the same location which the company affirms is on track for a soft opening in early March 2014.
Donaco International reported a net profit of $9 million in the 2013 financial year.
