Techcombank aims for a large stake in VNA

Friday, Oct 31, 2014 17:04

A view of the VNA's roadshow before lauching IPO in Ha Noi. Techcombank announces that it is working to become a big shareholder of VNA. — Photo
HA NOI (Biz Hub) — Vietnam Technology and Commerce Bank (Techcombank) is working on its plan to become a big shareholder of Vietnam Airlines (VNA), the national flag carrier.

Nguyen Canh Vinh, Techcombank's representative, made the revelation at a seminar held here on October 31 to orient investors about VNA business operations and development plans before the launching of the airline's initial public offering (IPO).

VNA was previously one of Techcombank's founding shareholders, with a 20 per cent stake. However, VNA divested all of its capital from the bank last December in line with the Government's plan to divest capital from non-core sectors.

At the IPO, VNA will offer about 49 million shares, the equivalent of 3.475 per cent of its registered capital of VND14.1 trillion ($671.4 million). The Vietnam Bank of Investment and Development (BIDV)'s Securities Joint Stock Company (BSC) is the consultant on VNA's IPO.

Tran Thang Long, the BSC's analytic director, said VNA's shares were now worth VND23,412 (US$1.11) each, or five per cent higher than the IPO price of VND22,300 ($1.06) each. The company has predicted that VNA's revenue would reach VND57.357 billion ($2.73 billion) this year and VND105.863 billion ($5.04 million) in 2018.

VNA's after-tax profit is expected to reach VND269 billion ($12.8 million) this year, VND615 billion ($29.28 million) in 2015 and VND2.99 trillion ($142.38 million) in 2018. — VNS

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