French group ADP wants to invest in Vietnam’s airport management firm

Thanh Nien News

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Tan Son Nhat International Airport in Ho Chi Minh City. Photo credit: Lao Dong Tan Son Nhat International Airport in Ho Chi Minh City. Photo credit: Lao Dong


Aéroports de Paris (ADP) has offered to buy 25-30 percent of shares in the state-owned Airports Corporation of Vietnam (ACV), which is scheduled for an initial public offering next month, news website Thoi Bao Kinh Te Saigon Online reported.
At a meeting with the transport ministry on Sunday, the French investor, which currently operates 32 airports around the world, proposed the purchase to be carried out even before the company’s IPO, the report said.
Augustin de Romanet, CEO of ADP, was quoted as saying that they will buy shares equal to 25-30 percent of ACV’s value through member company Aeroports de Paris Management.
ACV operates 22 international and domestic airports across Vietnam. Under the ministry's order, it will sell 25 percent of its shares during the IPO and the rest will continue to be in the state’s control.
As of last December, the company had an estimated valuation of roughly US$1.74 billion.
However, ACV has not submitted its IPO plan to the ministry yet, so it is unclear if it plans to ink a deal with any investor before the event, according to the website.
ACV, which was established in 2012 as a merger between three airport operators in the north, central and south regions of Vietnam, now manages 24 member companies.
Last year two of its members, namely the Southern Airports Services Company and Saigon Ground Services, had their IPOs.
The company reported a revenue of more than $394.56 million last year, a year-on-year increase of 0.86 percent, and a $57.8 million pretax profit.

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