The State to divest 430 million shares in Vietnam Airlines
By Anh Minh
December 25, 2017 | 07:54 AM GMT+7
The State will sell about 430 million shares in the Vietnam Airlines Corporation – JSC (Vietnam Airlines) to reduce its shareholding to 51 per cent of charter capital in the next three years.
Vietnam Airlines's business is getting more and more better.
In the report on the results of restructuring Vietnam Airlines in the period from 2013 - 2016 and the 2017 - 2020 plan submitted to the competent authorities, the State’s divestment at Vietnam Airlines will be divided into two stages.
Specifically, in the period from 2017 - 2018, Vietnam Airlines will complete the increase in its charter capital by issuing additional 191.191 million shares to existing shareholders and transferring the right to purchase 57.9 million shares hold by the State under the solution approved at the end of May, 2017 by the Government.
In the case of successful sale and transfer of such aforementioned shares (expected to be completed before the first quarter of 2018), Vietnam Airlines will achieve both goals of increasing charter capital to VND14 trillion, equity to VND16 trillion and simultaneously reducing the State’s shareholding to 82.1 per cent of charter capital.
In the 2018 – 2019 period, Vietnam Airlines aims to continue offering from 10 – 20 per cent stake for sale to increase its charter capital, which reduces the State’s shareholding to 60-65 per cent of charter capital.
In addition to Vietnam Airlines’s plan on increasing its charter capital, the State will continue to sell the remaining shares in Vietnam Airlines (equivalent to 10 – 15 per cent of charter capital).
In case of successful divestment, The State will hold a 52 per cent stake in Vietnam Airlines, which is in compliance with the Prime Minister’s Decision No. 1232/QD-TTg dated August 17, 2017 approving a list of state-owned enterprises to be divested from 2017-2020.
Duong Tri Thanh, General Director of Vietnam Airlines said that as soon as the increase in charter capital in phase I is completed, the Corporation will transfer Vietnam Airlines’s shares (stock code: HVN) to be listed on the Ho Chi Minh Stock Exchange (HOSE) in the second quarter of 2018.
The listing on HOSE will help improve the liquidity of HVN shares as well as enhance the position and image of Vietnam Airlines, which creates favorable momentum for the capital increase and the divestment in the future.
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