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Hạnh Nguyễn becomes SASCO chairman

Update: April, 25/2017 - 14:45
SASCO is among the largest airport service providers in the country, operating duty-free shops, restaurants, guest rooms and transport services. — Photo vir.com.vn
Viet Nam News

HÀ NỘI — Branded goods trader Jonathan Hạnh Nguyễn has been voted as chairman of the Southern Airports Services Joint Stock Company (SASCO).

Hạnh replaces Đoàn Thị Mai Hương for the remaining duration of her 2015-19 term.

Hương took over the position of SASCO’s general director on April 20.

Hạnh’s wife, Lê Hồng Thuỷ Tiên, is currently a member of the SASCO’s executive board, but she will not be a part of the company’s management.

Tiên joined SASCO in 2014. She is now general director of Imex Pan Pacific Trading Group (IPP), which holds 31.6 million shares of SASCO, equivalent to 24.05 per cent, or VNĐ784.4 billion (US$34.46 million).

As per a VnEconomy.vn report, two other subsidiaries of IPP, Âu Châu Fashion and Cosmetics Co Ltd and Duy Anh Fashion and Cosmetics Co Ltd, have 14.6 per cent and 5 per cent stake in SASCO, respectively.

In all, IPP and its members have 44 per cent of SASCO shares. The company’s shares are currently at VNĐ24,800 per share, with a market capitalisation of VNĐ3.26 trillion.

Hạnh’s family is known to have recently entered the aviation sector business. SASCO is an affiliate of Airports Corporation of Việt Nam (ACV) and is among the largest airport service providers in the country, operating duty-free shops, restaurants, guest rooms and transport services. ACV holds 49.8 per cent of SASCO’s capital.

In the first quarter of this year, SASCO earned VNĐ597 billion in revenue and made an after-tax profit of VNĐ66 billion. The company has set a target to earn VNĐ2.2 trillion this year and make an after-tax profit of VNĐ220.7 billion.

SASCO has a charter capital of nearly VNĐ1.32 trillion. In 2014, the company’s initial public offering (IPO) saw one of the most remarkable transactions of the year, when 145 million shares were ordered, five times higher than the offering. Shares were sold at an average price of VNĐ19,330 per share. — VNS

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