Vietnamese property developer Novaland wound down its food and beverage business and sold it to a Singaporean investor, with the value of the deal not disclosed.

A Novaland representative told Tuoi Tre (Youth) newspaper that a Singaporean investor acquired Nova F&B Joint Stock Company, which was renamed IN Dining after the deal completion.

The deal was completed at a time when Novaland is making efforts to restructure its operations, with a focus on its core business of real estate.

Following this M&A deal, the foreign investor will take over and operate the Nova F&B business, which includes coffee chains, restaurants, clubs, and others, with several coffee shops earlier built in prime locations in downtown Ho Chi Minh City such as Co Ba Cafe, PhinDeli, and Saigon Casa.

In addition, Nguyen Thanh Ha Ngoc was chosen as the new legal representative and director of Nova F&B Joint Stock Company.

Ngoc is general director of IN Hospitality Joint Stock Company, which controls convention centers such as GEM Center and White Palace in the southern metropolis.

Serving as a broker of this M&A deal, VinaCapital, a major investment management firm in Vietnam, will be in charge of seeking and introducing a business to represent the Singaporean investor in managing and operating the F&B business.

Andy Ho, chief investment officer at VinaCapital, told Tuoi Tre that IN Holdings is now the new operator of Nova F&B.

Andy said that VinaCapital is a shareholder of IN Holdings and has been in partnership with the latter over the past four years.

Hence, VinaCapital fully knows the capability of IN Holdings and envisaged opportunities from Nova F&B for IN Holdings.

IN Holdings, which mainly targets high-end customers, is expected to operate the F&B business effectively and expand it in the next two years, Ho said.

Over the last three years, Nova F&B has run a dozen business facilities in the field under its own brands such as Marina Club, The Dome Dining & Drinks, Dynasty House, PhinDeli, Mojo Boutique Coffee as well as franchised ones including JUMBO Seafood, Crystal Jade Palace, Sushi Tei from Singapore, or Gloria Jean's Coffees from Australia.

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