SBIC successfully divests capital from aircraft leasing company

July 27, 2016 - 10:39

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).

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

Tags SBIC VALC

Multinational e-commerce platforms strengthen their foothold in Việt Nam

Economy

Global suppliers join Beautycare Expo 2024 in Hà Nội

Economy

Standard Chartered Vietnam and the US promote clean energy investments in Việt Nam

Economy

Forum discusses support for women-owned firms to join supply chains

Economy

Japanese investors join big real estate project in Bình Dương

Economy

Overseas remittances to HCM City record highest increase in three years

More on this story

Economy

On HCMC bourse, investors fancy property stocks

Trading in real estate stocks has shot up in the last month, with the volume reaching a total of 1.1 billion shares, a seminar heard in HCM City on Monday.

Economy

Low crude keeps stocks down

Vietnamese shares yesterday extended losses for a sixth day as lower oil prices kept investors worried about the prospect of energy stocks.

Economy

Gov’t should stick with growth goal: experts

The Government should not adjust the economic growth target of 6.7 per cent even though it is unlikely to meet it this year, experts said during a conference in Hà Nội yesterday.

Economy

Vietnamese investment environment attracts French enterprises

The country’s stable growth rate and improved business and investment environment over a long period has enticed large French corporations to invest or expand their projects in Việt Nam.

Economy

MoIT to auction duty quota for sugar import

The Ministry of Industry and Trade (MoIT) will hold bids on the right to use duty quota to import 89,500 tonnes of sugar this year.

Economy

VN’s first energy-efficient glass factory becomes operational

The Việt Nam Glass and Ceramics for Construction Corporation (Viglacera) opened a factory that will produce the first made-in-Việt Nam energy-efficient glass in the southern Bình Dương Province yesterday.

Economy

New factory to manufacture soles in Bình Dương

Taiwan’s Chin Li Plastic Industrial Co Ltd yesterday launched the construction of a factory to make shoe soles in the southern Bình Dương Province.

Economy

Exports: rice down, pepper up

The agroforestry-fisheries export turnover in July was estimated at US$2.64 billion, lifting the sector’s export value in the first seven months to reach $17.8 billion, up 5.1 per cent year-on-year.

Economy

Footwear makers told to invest

The Ministry of Trade and Industry is urging local footwear makers to further invest in support industries instead of depending excessively on imported raw materials and losing out on profits and competitiveness.