VietNamNet Bridge – According to the 2013 audited financial statements of the Ocean Hotels - Services JSC (OCH), this company paid a high price to buy Trang Tien Ice Cream.

This is the first time in the last five years that OCH has formally admitted to seizing control of Trang Tien – the most popular and oldest ice cream brand in Hanoi.

OCH's report says the company owns 78.4 percent of the charter capital of Trang Tien Ice Cream JSC. Mr. Ha Trong Nam, OCH’s Chair, was elected Trang Tien’s Chair in 2008.

The audited report of OCH in 2010 shows that OCH paid in advance for Nam, VND500 billion ($25 million) to buy 634,700 shares of Trang Tien JSC.

However, in its investment report on subsidiaries, OCH only recognized the investment of VND117.6 billion in Trang Tien Ice Cream JSC and said Trang Tien is controlled directly by Givral Cake JSC, a subsidiary firm that produces all kinds of cakes, confectionery, milk and milk products.

Trang Tien Ice Cream JSC is headquartered at 35 Trang Tien Street, one of the golden areas of Hanoi, with an area of 1,500m2.

Located in the prime area but in 2000, when the company was equitized, it was valued at only VND3.2 billion (about $200,000). After 10 years, when OCH acquired Trang Tien, its value rose by more than 150 times.

At a shareholders meeting in 2011, Ocean Group’s Chair Ha Van Tham said he would build a complex of service centers and luxury condos in the current area of Trang Tien Ice Cream while maintaining the 55-year ice cream brand.

OCH has chartered capital of VND2,000 billion, of which 75 percent is owned by the Ocean Group (OGC).

Last year, revenue from hotels brought VND310 billion of revenue to OCH, but the confectionery and drink business also contributed over VND232 billion to this company.

Na Son