SCIC pours up to 345.6 million USD in Vietnam Airlines
The State Capital Investment Corporation (SCIC) plans to invest 8 trillion VND (approximately 345.6 million USD) in Vietnam Airlines JSC (HVN). The amount is equal to 25 percent of HVN’s charter capital.
Vietnam Airlines will issue 8 trillion VND of shares to existing shareholders (Photo: VNA)
Hanoi (VNS/VNA) - The State Capital Investment Corporation(SCIC) plans to invest 8 trillion VND (approximately 345.6 million USD) inVietnam Airlines JSC (HVN). The amount is equal to 25 percent of HVN’s chartercapital.
“VietnamAirlines will issue 8 trillion VND in shares to existing shareholders to raiseits charter capital. And SCIC represents the Government to buy theshares,” Nguyen Chi Thanh, General Director of SCIC, said during a recent pressconference.
The twosides had a meeting to work out the HVN share price, Thanh added.
VietnamAirlines is creating a share offering plan to raise its charter capital andneeds to get opinions from the State Securities Commission of Vietnam.Meanwhile, SCIC’s mission is to price HVN's share value.
In order todefine the share offering price, Vietnam Airlines has to evaluate itsown value based on its five-year business plan. But COVID-19 is a biggestchallenge for the carrier’s business plan since there is no indicationof when the pandemic will be over and international flights canresume.
“Amid thespread of COVID-19 around the world, it is very difficult to create abusiness plan for Vietnam Airlines. If there is no business plan, we cannotjudge the enterprise’s value. Only when Vietnam Airlines opens internationalflights, can its business improve,” Thanh said.
So to priceVietnam Airlines, SCIC will select a well-known accounting firm with a goodreputation to assess the carrier’s value. That accounting firm can use one of anumber of business valuation methods, Thanh added.
On the HoChi Minh Stock Exchange, HVN's share price declined 0.65 percent to finish January18 at 30,650 VND. The shares increased nearly 7.4 percent since the beginningof 2021.
In itsthird-quarter result, Vietnam Airlines posted a decline of more than 70 percentto 7.6 trillion VND in consolidated revenue. It reported a loss of nearly 4trillion VND in profit after tax.
As for thecarrier's performance in 2020, its consolidated revenue reached 42.5trillion VND, including 33 trillion VND from its parent company. The resultsexceeded their respective targets by 1.9 trillion VND and 448 billion VND.
It was projectedto suffer a loss of 14.4 trillion VND. Of the total, its parent company’s lossin 2020 was estimated at more than 12 trillion VND, which was 2.42 trillion VNDlower than the previous forecast./.
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Vietnam Airlines will issue 8 trillion VND of shares to existing shareholders (Photo: VNA) 
