The national flag carrier Vietnam Airlines sold more than 49 millionshares worth 1,093 billion VND (52.05 million USD) at its initial publicoffering (IPO) at the HCM City Stock Exchange on November 14.
A total of 1,577 investors bought the shares of the national carrier at an average price of 22,307 VND (1.06 USD) each.
The Vietnam Technology and Commerce Bank (Techcombank) reportedlyspent 574 billion VND (27.33 million USD) to buy 25,760,000 or 52.18percent of the shares offered at 22,300 VND each. With this sale,Techcombank has become one of the airline’ biggest investors.
Atthe auction, Deputy Minister of Transport Nguyen Hong Truong said theequitisation of a State-owned corporation as big as Vietnam Airlinesserved as evidence of the Government's sound policy in restructuring andequitising State-owned enterprises to increase their transparency andmake their production and business operations more effective.
Thesuccessful equitisation of Vietnam Airlines and other State-ownedenterprises will contribute towards active and positive change for thestock market as well as the country's economy, added Truong.
PhamViet Thanh, Chairman of the Vietnam Airline Council of Members,announced that the first shareholders' meeting is scheduled for March12, 2015.
Vietnam Airlines has a chartered capital of 14.1trillion VND (671.4 million USD), equivalent to the number of itsshares. The State owns 75 percent of the shares while strategicinvestors own 20 percent, company staff and workers 1.5 percent, andother investors 3.5 percent.
The Government has ordered theMinistry of Transport to decide on the reduction of State ownership inVietnam Airlines to less than 65 percent at an appropriate time.Meanwhile, the company is selecting its strategic investors.
In aplan to be carried out five years after equitisation, Vietnam Airlinesaims to keep its position as national carrier, play a key role indomestic air transport and become a member of the leading airline groupin Southeast Asia in both scale and service quality.
TheGovernment has approved the carrier's valuation at 57.156 trillion VND(2.72 billion USD) based on its book value. Of this amount, Statecapital makes up 10.567 trillion VND (507.79 million USD).-VNA
A total of 1,577 investors bought the shares of the national carrier at an average price of 22,307 VND (1.06 USD) each.
The Vietnam Technology and Commerce Bank (Techcombank) reportedlyspent 574 billion VND (27.33 million USD) to buy 25,760,000 or 52.18percent of the shares offered at 22,300 VND each. With this sale,Techcombank has become one of the airline’ biggest investors.
Atthe auction, Deputy Minister of Transport Nguyen Hong Truong said theequitisation of a State-owned corporation as big as Vietnam Airlinesserved as evidence of the Government's sound policy in restructuring andequitising State-owned enterprises to increase their transparency andmake their production and business operations more effective.
Thesuccessful equitisation of Vietnam Airlines and other State-ownedenterprises will contribute towards active and positive change for thestock market as well as the country's economy, added Truong.
PhamViet Thanh, Chairman of the Vietnam Airline Council of Members,announced that the first shareholders' meeting is scheduled for March12, 2015.
Vietnam Airlines has a chartered capital of 14.1trillion VND (671.4 million USD), equivalent to the number of itsshares. The State owns 75 percent of the shares while strategicinvestors own 20 percent, company staff and workers 1.5 percent, andother investors 3.5 percent.
The Government has ordered theMinistry of Transport to decide on the reduction of State ownership inVietnam Airlines to less than 65 percent at an appropriate time.Meanwhile, the company is selecting its strategic investors.
In aplan to be carried out five years after equitisation, Vietnam Airlinesaims to keep its position as national carrier, play a key role indomestic air transport and become a member of the leading airline groupin Southeast Asia in both scale and service quality.
TheGovernment has approved the carrier's valuation at 57.156 trillion VND(2.72 billion USD) based on its book value. Of this amount, Statecapital makes up 10.567 trillion VND (507.79 million USD).-VNA
