Vietnam Airlines (HVN) completes divestment of 35% stake in Cambodia Angkor Air, earning 35 million USD
On May 27, Vietnam Airlines Corporation (CK code: HVN) announced that it had completed the transfer of 35% of the Corporation’s shares in Cambodia Angkor Air (K6) to the receiver. transfer under the agreement between the two parties in the share transfer contract. After the transfer, K6 is no longer an associate company of the Corporation.
According to the audited consolidated financial statements for 2021, on January 3 and March 29 this year, HVN received sums of USD 30 million and USD 4 million respectively from investors to buy back the contributed capital of HVN. The corporation at K6 plus HVN also received a deposit of 1 million USD in 2019. The above 35 million USD amount corresponds to 35% of K6 shares.
Although the money will not be received until 2022, but due to the transfer of share ownership from 2021, HVN’s report has no longer recorded K6 as an associate and revenue from financial activities has contributed. more than 647.7 billion dong from capital transfer profit.
The above income has helped HVN reduce its loss in 2021 and its equity is still greater than zero, escaping the delisting sentence.
Cambodia Angkor Air was established in 2009 under the cooperation of Vietnam Airlines and the Royal Government of Cambodia. According to the joint venture contract, Vietnam Airlines contributes 49% of capital in Cambodia Angkor Air with the original price of VND868.5 billion.
At the end of the year, after divesting 35% of shares, the remaining 14% of K6 shares were transferred by HVN to the investment portfolio to contribute capital to other entities with the original price of VND 248 billion.
In 2021, like other airlines in the region and the world, K6’s production and business activities will continue to be heavily affected by the epidemic. In order to minimize losses, K6 has implemented solutions to restructure, reduce the scale of operations, maintain only a few main routes with minimal frequency, radically cut costs, negotiate a delay. make payments, take advantage of every opportunity to increase the exploitation of charter flights and cargo flights to help supplement cash flow to maintain operations. However, in 2021 K6 lost 17.7 million USD, the loss increased by 37.2% compared to 2020.
at Blogtuan.info – Source: cafebiz.vn – Read the original article here
