Tin Pháp lý
ACV divests all shares at Hanoi Ground Services

8 December 2016
Vietnam Economic Times

Airports Corporation of Vietnam (ACV) has announced it will divest all its shares, equivalent to 20 per cent of charter capital, at Hanoi Ground Services Joint Stock Company (HGS).

The Ministry of Transport directed ACV to sell the shares to other founding partners through an auction if over two founding partners will buy them, or through an agreement if only one founding partner buys the shares.

ACV is also requested to buy the shares under public auction for other investors who are not founding partners. “The starting price will be determined by valuation organizations in accordance with the law on valuation,” said Deputy Minister of Transport Nguyen Hong Truong.

The aviation giant, on December 3, announced to its intent to sell nearly 4 million shares of its subsidiary Southern Airports Services JSC (Sasco), with the stock code SAS, .

From December 6 to January 4, ACV will register to sell 3.95 million SAS shares out of a total of 67 million SAS shares owned by ACV, equivalent to 51 per cent of the charter capital of Sasco.

SAS shares are now trading at a price of VND26,000 ($1.17) per share. At this price, ACV is expected to gross VND100 billion ($4.4 million).

More than 2.17 billion shares of ACV have officially traded on the Unlisted Public Company Market (UPCoM) since November 21, with a reference price on the first day of VND25,000 ($1.1) per share. Ten days later, the price rose to VND41,000 ($1.84) per share, an increase of 64 per cent.

ACV also divested a part of its capital in Saigon Ground Services JSC (SAGS) before trading on UPCoM. ACV sold 132 million shares of SAGS, reducing the ownership percentage from 54.62 per cent to 48.02 per cent, equivalent to 9.6 million shares.

HSG has charter capital of VND150 billion ($6.6 million), providing ground services at Noi Bai International Airport with approximately 30 per cent of market share.

In the first seven months of 2016, HSG achieved revenue of VND170 billion ($7.48 million), profit after tax of VND28 billion ($1.2 million), with return on equity reaching 30 per cent.

This year, HGS signed a contract to provide services for Emirates, Turkish Airlines, Malindo Air, Hainan Airlines and Nok Air.

ACV is a joint stock company operating under the parent-subsidiary structure, with the state holding majority stake. In October 2015, the government approved its equitization plan, with state ownership to fall to 75 per cent.

ACV manages 22 airports throughout Vietnam, seven of which are international and 15 domestic, with 21 directly managed by the corporation. It also has a range of joint ventures with other companies.

Related News

Contact Us | Legal Notice | Site Map | © 2006 – 2017 Indochine Counsel. All Rights Reserved.