A plane of Vietravel Arilines in Tan Son Nhat International Airport. — VNA/VNS Photo
VinaCapital Fund Management has just bought more than 1.78 million VTR shares of Vietravel from Vietravel Group, which is the tourism company's largest shareholder.
The transaction raised VinaCapital's ownership rate to 10.72 per cent, officially making it the major shareholder of Vietravel. In contrast, Vietravel Group reduced its ownership rate from 40.68 per cent to 32.02 per cent.
Vietravel plans to issue another 12 million shares to increase capital. Of which, 6 million shares are used to swap debt at a price of VND28,000 per share (US$1.19). The issuer is Hung Thinh Group under the loan contract signed on November 26, 2021.
The total value of swap debt is VND168 billion. The remaining 6 million shares will be offered for sale at a price of VND12,000 a share.
Vietravel is in the process of restructuring according to the group model. Vietravel Group recently announced the transfer of 39 million shares of Vietravel Airlines to Vietravel Group, representing 30.22 percent of its capital. After the transfer, Vietravel owns 13.7 per cent of the capital of Vietravel Airlines, equivalent to 17.8 million shares.
According to its plan, Vietravel has sold all its stakes in World Transportation Services JSC (WorldTrans) and Culture Development and Import-Export JSC to Vietravel Group, while only retaining shares in companies directly related to tourism activities, which include: Viet Bees Events & Media JSC (Beevent), Vietravel Hue One Member Limited Company, and Tripu Travel Service Limited Liability Company.
In the first nine months of 2022, Vietravel earned more than VND2.68 trillion, 4.4 times more than the same period last year. Thanks to the reopening of tourism during the peak season, summer, Vietravel's third quarter revenue reached nearly VND1.5 trillion, 26 times higher than last year, and the profit from the tourism segment was more than VND144 billion. On the other hand, the profit from the domestic flights of Vietravel Airlines has not yet compensated for the expenses. During the same period, Vietravel lost nearly VND108 billion.
According to the company's estimate, in the fourth quarter of 2022, Vietravel expects to serve about 150,000 visitors, earning VND1 trillion in tourism revenue.
Vietravel recently announced that it will buy back the entire lot of VTRH2123001 bonds worth VN500 billion, which were issued on December 21, 2021 and have a term of 24 months. The maturity date of the batch of bonds is December 21, 2023.
Vietravel repays its debt to bondholders one year before maturity. After completing the repurchase, Vietravel's loan decreased to 60 per cent compared to the third quarter financial statement and 63 per cent compared to the end of last year. — VNS