Cambodia Angkor Air’s minority shareholder, Vietnam Airlines sells stake for $49 million

[geovalin]

Cambodia Angkor Air (K6, Siem Reap) is set to see new investors in the form of private equity investors after its 49 percent shares, owned by Vietnam Air changed hand for $49 million. Vietnam Airlines held a total of 59% of Cambodia Angkor Air’s capital, with 49% controlled by the airline directly and 10% held in trust through the Phuong Nam Investment – Tourism and Shipping Co., Ltd which in turn has a stake in Angkor shareholder, Cambodian travel agency Kasimex.

 

Under the original plan, Vietnam Airlines was to have divested its shares in two stages. In phase 1, the company was to have sold its 49% stake in the carrier for USD49 million with the second phase, entailing the sale of its remaining capital, to take place within the following 36 months.

 

It was learned from various sources that Vietnam had also inked a deal to dispose of its five A321-200s valued at $37 million to the same private equity investors as the impact of the virus outbreak affects their financial position. A spokesman for Cambodia’s State Secretariat of Civil Aviation (SSCA), Sin Chansereyvutha had said last week that hat there was no intention of completely nationalising the airline despite concerns about the impact the COVID-19 crisis has had on Cambodia’s aviation industry.

 

read more https://www.khmertimeskh.com/50716652/cambodia-angkor-airs-minority-shareholder-vietnam-airlines-sells-stake-for-49-million/

[Stargeezr]

Way to go Vietnam,  I believe that there will be a few buyers who want jets, but

I sure would not invest in an airline company now.

Geezer

Edited April 24, 2020 by Stargrazer9889
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