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State to sell 51% stake in CRAC

Jul 3rd at 14:02
03-07-2015 14:02:32+07:00

State to sell 51% stake in CRAC

The Airport Corporation of Viet Nam (ACV) will open the sale of 510,000 State-owned shares (51 per cent) in Cam Ranh Aviation Commercial JSC, HCM City, on July 16.

 

BIDV Securities Company (BSC) will organize the auction, with the starting price at VND20,200 (US$0.92) each. Registrations for the auction were completed in June.

The ACV's divestment of stake in Cam Ranh Aviation Commercial JSC (CRAC) follows the Prime Minister's plan of equitisation in State-owned enterprises. With 24 subsidiaries, the ACV is expected to reduce its stake from 75 per cent to 65 per cent.

CRAC was established in 2009 in Nha Trang City, southern Khanh Hoa Province, on VND10 billion ($458,715) charter capital. It operates restaurant, hotel, transportation, and shopping services at Cam Ranh Airport. In 2014, CRAC reported VND2.11 billion ($96,788), or 27.5 per cent, profit after tax.

This year, CRAC targets to earn VND3.5billion ($160,550) to VND3.7billion ($169,724) in profit after tax.

CRAC will open a duty-free shop at the international terminal in Cam Ranh Airport, in addition to developing its Airport taxi service.

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