The bank now still holds more than 14.8 million of HVN shares equivalent to a 1.21 per cent stake in Vietnam Airlines.
Vietcombank purchased 22.4 million shares of HVN in the IPO (Initial public offering) at the price of VND22,300 (US$ 0.9) per share at the end of 2014.
Accordingly, even when the price of an HVN share fell from VND62,000 (US$2.7) to VND44,000 (US$1.9) during the transaction, at the lowest price, Vietcombank still had a profit of US$14.6 million.
HVN shares are expected to be listed on the Ho Chi Minh Stock Exchange (HOSE) in the second quarter of this year. Vietnam Airlines plans to issue new shares to existing shareholders to increase its charter capital and reduce State’s shareholding from more than 86 per cent to 51 per cent next year.
In 2017, total revenue of Vietnam Airlines reached VND88.4 trillion (US$3.9 billion), profit before tax was VND 2.8 trillion (US$124.4 million).
Vietcombank reported its pretax profit at over VND11 trillion (US$482.5 million) in 2017, up 32.9 per cent year-on-year and 16 per cent over the plan.