Vietcombank (VCB) to spend $3.6m to buy Vietnam Airlines’ new shares (HVN)
Vietcombank (VCB) to spend $3.6m to buy Vietnam Airlines’ new shares (HVN)
Vietcombank has registered to buy 8.35 million shares of the national flag carrier Vietnam Airlines in an expected deal worth VND83.5 billion (US$3.6 million).
In the rescue package approved by the National Assembly last year, Vietnam Airlines was allowed to issue additional shares worth VND8 trillion at the face value of VND10,000 apiece to existing shareholders to raise capital.
With current holdings of 14.8 million shares, equivalent to 14.8 million purchase rights, Vietcombank subscribed to buy 8.35 million shares, corresponding to the distribution rate of 56.4 per cent (which means an existing shareholder can buy 564 shares for every 1,000 shares held).
The deal is expected to take place over three days from September 14.
After the deal, Vietcombank’s ownership in Vietnam Airlines would increase to 23.1 million shares, equivalent to 1.044 per cent of the airline’s charter capital.
Vietnam Airlines’ shares (HVN) unexpectedly declined 6.4 per cent on Wednesday after seven consecutive rising sessions. The shares continued to slip 4.7 per cent on Thursday morning to VND25,550 ($1.11) per share.
