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Ministry to decide on SASCO shares

Update: September, 19/2015 - 10:07
HA NOI  (VNS) — President of the Imex Pan-Pacific Trading Group Jonathan Hanh Nguyen has asked the transport ministry's permission to purchase more stakes in Southern Airports Services Company Ltd (SASCO).

SASCO is an affiliate of Airports Corporation of Viet Nam (ACV) and is among the largest airport service providers in the country, operating airport duty-free shops, restaurants, guest rooms and transport services.

Jonathan proposed that the ministry allow his group to purchase more stakes in SASCO when ACV, the largest shareholder in the company, withdraws its total investment capital worth 51 per cent. The amount of shares sold by SASCO will be decided by the ministry and ACV.

He further pledged not to transfer the stakes bought from Sasco within a minimum period of five years and to provide human resources training and management technology transfers to help Sasco expand its market and improve the efficiency of its business operation.

Imex Pan-Pacific Group is currently a strategic shareholder of SASCO, with 16 per cent ownership.

SASCO's shares are being traded on the Upcom at a price of VND30,000 (US$1.3) per share.

SASCO has a charter capital of nearly VND1.32 trillion ($58.5 million). It reported a year-on-year increase of 27 per cent in pre-tax profits in the first six months of this year.

Last year, the company earned more than VND2 trillion ($88 million) in turnover, and VND92 billion ($4.08 million) in after-tax profits.

The Imex Pan-Pacific Group has been working with the aviation sector for more than 30 years, and has 25 years of experience in investing in and supplying tax-free goods to several airports in Viet Nam. — VNS

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