Business

Vietcombank to sell Vietnam Airlines shares

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has offered to sell more than 2.3 million shares it owns in the national carrier Vietnam Airlines.
Vietcombank to sell Vietnam Airlines shares ảnh 1Vietcombank has put 2.3 million shares it owns in the national carrier Vietnam Airlines up for sale via order-matching transactions on the stock market (Photo: VNA)
Hanoi (VNS/VNA) - TheJoint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) hasoffered to sell more than 2.3 million shares it owns in the national carrierVietnam Airlines.

The deal will be carried out viaorder-matching transactions on the stock market between March 12 and April 4 sothat the bank is able to review its investment portfolio.

A successful deal will cut thebank’s stake in Vietnam Airlines to 14.8 million shares, or a 1 percent stake,from current 17.1 million shares (1.21 percent stake).

Vietnam Airlines is tradingnearly 1.42 billion shares on the Unlisted Public Company Market (UPCoM) withcode HVN. The company shares plunged 3.6 percent to end March 8 at 40,800 VND (1.75USD) per share.

Vietcombank also sold 7.6 millionshares of Vietnam Airlines a year ago to review its investment portfolio.

Vietcombank is listing more than3.7 billion shares on the Ho Chi Minh Stock Exchange (HoSE) with code VCB. Thebank shares edged down 0.5 percent to finish March 8 at 62,800 VND per share.

Vietnam Airlines has reportedlyfiled for listing on HoSE and will terminate its UPCoM listing.

The company expects to move toHoSE in the second quarter of the year and the market switch is predicted toimprove the firm’s corporate transparency and governance in order to keep itsshares attractive, thus helping the Government increase revenue from sellingits stake in Vietnam Airlines.

In 2018, Vietnam Airlines earned 96.8trillion VND (4.15 billion USD) in total revenue, up 17 percent year on year,and 2.53 trillion VND in post-tax profit, down 5 percent year on year.-VNS/VNA
VNA
#Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) #Vietnam Airlines #Unlisted Public Company Market (UPCoM) #HVN #Vietnam #Vietnam news #Vietnam News Agency
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