Vietnam state-owned airport operator to sell 25 pct stake in IPO

By Ha Nguyen, Thanh Nien News

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Vietnam Airlines planes are seen at Noi Bai Airport in Hanoi. Photo: AFP Vietnam Airlines planes are seen at Noi Bai Airport in Hanoi. Photo: AFP


The state-owned Airports Corporation of Vietnam, which operates 22 airports around the country, plans to sell a 25 percent stake in its upcoming initial public offering, the government office announced Tuesday.
Under an IPO plan approved by the government, around 20 percent, or 448.6 million shares, will be offered to strategic investors identified by the transport ministry.
Around 77.8 million shares, or 3.47 percent, will be auctioned at the Ho Chi Minh City Stock Exchange with the starting price to be decided by the ministry.
The rest will be sold to the company's employees and unions.
After the IPO, whose schedule is not known, 75 percent of the company, which has a registered capital of over VND22.43 trillion (US$986.52 million), will be owned by the state, according to the plan.
Founded in February 2012 the Airports Corporation of Vietnam is now one of the country’s biggest companies in the transport infrastructure sector.
As of June 30 its assets and equity were estimated at VND42.55 trillion ($1.87 billion) and VND20.25 trillion ($890.9 million).
The corporation, which also has 13 subsidiaries, most of them operating in ground services, reported post-tax profits of more than VND533 billion ($23.44 million) in the first half of this year, more than doubling the profit in the same period last year.

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