Vietnam Airlines delays annual shareholders’ meeting again

Wednesday, Nov 15, 2023 07:22

A Vietnam Airlines aircraft parked at Hà Nội’s Nội Bài International Airport. — VNS Photo Bồ Xuân Hiệp

Vietnam Airlines has once again delayed its annual shareholders’ meeting for the fourth time this year, citing “unfinished preparations” as the reason for the delay, according to the Hồ Chí Minh Stock Exchange (HoSE).

Originally scheduled for November 22, the meeting has been rescheduled to December 16. The registration deadline for attendance remains unchanged for October 12, according to HoSE.

The airline had previously planned to hold the meeting on June 20, then rescheduled it for before August 30, and then postponed it to November 15 before finally pushing it back to November 22.

According to the Enterprise Law, annual shareholders’ meetings must be held within four months from the end of the financial year.

The board of directors can, however, extend the meeting for up to six months from the end of the financial year if necessary, unless the company’s charter specifies otherwise.

The national flag carrier’s HVN shares have been allowed to trade in the afternoon only since July 12 due to its delay in submitting its financial reports.

The price of HVN was VNĐ10,950 per share as of November 13, a decrease of 0.9 per cent.

Earlier this year, HoSE had warned that it may delist HVN shares of Vietnam Airlines if it reports a loss in its consolidated financial report for 2022.

The airline’s unaudited financial report for last year showed an accumulated loss of VNĐ32 trillion (US$1.35 billion), with its equity reaching more than VNĐ10 trillion, according to independent reports.

In the first nine months of 2023, the airline’s sales and revenue reached VNĐ68.1 trillion, up 32 per cent year-on-year.

Pre-tax losses were over VNĐ3.3 trillion, down from the previous year’s loss of VNĐ7.6 trillion. — VNS

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