Vietnamese tour operator (VTR) to raise over $13mn to settle bank debts
Vietnamese tour operator (VTR) to raise over $13mn to settle bank debts
Vietnam Travel and Marketing Transport JSC (Vietravel), whose VTR shares are being traded on the Unlisted Public Company Market, has announced its plan to issue 28.5 million shares, aiming to raise nearly VND343.9 billion (US$13.3 million) to repay its bank loans.
An aircraft operated by Vietnamese carrier Vietravel Airlines at Tan Son Nhat International Airport in Ho Chi Minh City. Photo: Hong Phuc |
For each VTR share held, existing shareholders can buy one new share for at least VND12,000 ($0.47).
Vietravel noted that the newly issued ordinary shares will be freely transferable.
After getting approval from the State Securities Commission of Vietnam, Vietravel will start issuing its shares in the first half of 2025.
Unsubscribed shares will be allocated to domestic organizations or individuals with strong financial capacity, with these shares subject to a one-year lock-up period.
The entire proceeds from the share sale will be used to settle debts at four local banks, including close to VND128 billion ($5 million) at Vietinbank, over VND113 billion ($4.4 million) at BIDV, and the remainder at MBBank and TPBank.
In 2024, Vietravel’s January-September net revenue surpassed VND5.25 trillion ($206 million) and its consolidated after-tax profit topped VND32 billion ($1.2 million).
As of September this year, its total liabilities stood at over VND2.257 trillion ($88.4 million), mostly short-term debt.
Closing its trading session on Friday, VTR moved sideways at VND21,200 ($0.83) per share, with 20,700 shares changing hands.
