Vietcombank to sell 7.6 million Vietnam Airlines’ shares

Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) has registered to sell 7.6 million shares of Vietnam Airlines Corporation, which is listed as HVN on the stock market. Vietnam Airlines staff introduce its quality service in Spain.  The transaction is expected to take place from January 24-February 22. This is part of more than 22.4 million shares, equivalent to 1.8 per cent of charter capital of Vietnam Airlines that Vietcombank bought in the airline’s initial public offering in late 2014. The bank spent VND544.12 billion (US$23.9 million) to buy the shares, or VND22,300 for each share. At the current market price of Vietnam Airlines’ shares at some VND63,700 each, Vietcombank can earn an estimated VND484 billion from the sale of its 7.6 million shares after more than two years of holding. Compared to six months ago, the stock has nearly tripled in terms of market value. If successful, Vietcombank’s holdings at Vietnam Airlines will reduce to 1.2 per cent. The shares of Vietnam Airlines and VJC shares of budget carrier Vietjet Air are two aviation stocks that have grown fast in the past few months. The growth of share prices comes mainly from positive business results in late 2017 and early 2018 in the aviation industry. Last year, Vietnam Airlines Corporation, including Jetstar Pacific and Vietnam Air Services Company (VASCO), recorded a consolidated revenue of VND88.4 trillion (US$3.88 billion) and pre-tax profit of more than VND2.8 trillion, exceeding 72 per cent of its plan and up 8.3… [Read full story]

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