Sasco announces its board of directors

Tuesday, Dec 16, 2014 18:39

Sasco sets up a board of diretors on December 15.— Photo Sasco
HA NOI (Biz Hub) — Southern Airports Services Company Limited (SASCO) has announced its board of directors in the company's shareholder meeting report released on December 15.

The report disclosed that Doan Thi Mai Huong, with the highest number of votes at 27.73 per cent, was elected as SASCO's chairwoman. Le Hong Thuy Tien, with 25.77 per cent of the votes, and three other members, Phan Tuan Vu, Dang Tuan Tu and Phan Le Hoan, were selected as board members.

Le Hong Thuy Tien, the president of Imex Pan Pacific Co., Ltd. (IPP) and wife of Johnathan Hanh Nguyen - a renowned Vietnamese businessman in Viet Nam and the Philippines, represented three companies, which held 26.3 per cent of the stakes in Sasco.

In August 2014, Tien's firms reportedly spent VND310.3 billion ($14.78 million) to buy 26.3 per cent of Sasco's shares. At present, IPP owns 21.04 million shares, Duy Anh Fashion and Cosmetics Co., Ltd. has 6.57 million shares and Au Chau Fashion and Cosmetics Co., Ltd. holds 3.42 million shares.

As of the end of 2013, the state's capital in Sasco reached VND1.313 trillion ($62.86 million). The shareholders report also revealed that Sasco's profit before tax reached VND83billion ($3.89 million) in the first six months, which is an increase of 72.9 per cent over the same term last year.

Sasco intends to pay 9 per cent of dividends to its shareholders this year. It also plans to pay 11 per cent of the dividends in 2015 and 12 per cent in 2016.

The company expects to reach VND2.4 trillion ($112.6 million) in revenue and VND185.95 billion ($8.7 million) in profit after tax by 2016.

Sasco held almost 50 per cent of the market share in Tan Son Nhat International Airport, while its two branches in Ha Noi and Phu Quoc continued to grow and are expected to contribute some 15 per cent to the total revenue by 2016.

It is also scheduled to list the stocks on the OTC exchange in the next three months and will soon register its shares on the HCM City Stock Exchange.— VNS

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