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VietNamNews

SBIC successfully divests capital from aircraft leasing company

Update: July, 27/2016 - 10:39
Divestment from VALC is expected to help SBIC restructure its capital and investment in other firms. — Photo dantri.com.vn

HÀ NỘI — The Việt Nam Ship Building Industry Corporation (SBIC) has sold more than 7 million shares, or 5.72 per cent, of Việt Nam Aircraft Leasing Company (VALC), at a cost of VNĐ116.8 trillion (US$5.2 billion).

The shares were sold for VNĐ16,600 each to an individual investor whose name was not disclosed.

In comparison with its book value of more than VNĐ70 billion, SBIC saw profits of more than VNĐ46.8 billion from this purchase.

The divestment is expected to help SBIC restructure its capital and investment in other businesses to add capital for its operation and business development.

VALC is the only firm in Việt Nam leasing aircraft. It does not operate flights, but purchases planes and rents aircraft to domestic airlines. It has set a target to earn US$68.5 million in revenues this year, with an after-tax profit of $15.15 million, which is a decrease of 10.81 per cent and 22.31 per cent compared to the same period last year. — VNS

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