Vietnam's airport manager seeks strategic investors after IPO success

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Workers sweep the road ahead of the opening of the new terminal two wing at Noi Bai international airport in Hanoi. Photo: Reuters Workers sweep the road ahead of the opening of the new terminal two wing at Noi Bai international airport in Hanoi. Photo: Reuters

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After an initial public offering raising a higher than expected US$51.6 million on Thursday, state-owned Airports Corporation of Vietnam (ACV) now starts looking for strategic investors to sell a 20 percent stake.
Vu Anh Minh, chief of the transport ministry's businesses administration, was quoted by news website VnExpress as saying that any business interested in becoming the corporation's strategic shareholder should file applications soon.
Many businesses have already offered to buy into ACV, including state-owned bank BIDV, which wants to acquire a 5 percent stake, and France's major airport manager Aeroport de Paris eying all the offered stake, he said.
In its search for strategic shareholders, ACV prioritizes businesses which operate in aviation sector and are operating at least 10 airports, Minh was quoted as saying.
Under criteria set by the transport ministry, eligible businesses must post a minimum revenue of $1.5 billion a year, and have an equity of $2 billion, the website reported. They must also record no losses, and their profit must be equivalent to at least 10 percent of their revenue in 2014.
ACV closed its IPO with more than 77.8 million shares sold at an average of VND14,300 per share, compared to the starting price of VND11,800.
The sale represented a 3.47 percent stake in the corporation, which also completed selling another 0.13 percent to its employees.
The sole manager of 22 airports around the country, ACV recorded more than 46.5 million passengers in the first nine months, up 22.3 percent year-on-year, according to its figures. The amount of goods saw an increase of 16.1 percent, to over 716,000 tons.
ACV, which also has 13 subsidiaries, mostly operating in ground services, posted an annual increase of 14 percent in its revenue and 30 percent in net profit in 2012-14, VnExpress reported.
Its net profit is forecast to be nearly VND1.72 trillion ($75.51 million) this year.

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