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Mai Linh to sell 1,000 cabs to reduce debts

Update: December, 26/2012 - 09:48

HA NOI (VNS)— Taxi operator and transport company Mai Linh Group intends to sell 1,000 old cabs next year to pay its investors, according to chairman Ho Huy.

Huy said the sales plan could only be implemented next year, as Mai Linh needs to maintain its market share in the last days of 2012.

The sale of 1,000 taxis, whose values range from VND150 million ($7,000) to VND400 million ($19,000), is expected to earn the company VND200-300 billion ($9.5-14.3 million).

Mai Linh has also sold 200 of its 500 express buses to recoup capital for debt payments and investment in the low-cost taxi sector.-VNS

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