Thang Long Air Services Corporation (Taseco Airs) has filed for listing on the HCM Stock Exchange, the country’s major stock market.

The listing portfolio is in consideration of the southern market exchange.

Taseco Airs became a public company in September 2017 with VND360 billion (US$16 million) in the charter capital.

The company was established in September 2015, operating in the air service business with a focus on restaurants, cafeterias, souvenir stores, advertisements, foreign currency exchange and the supply of on-board meals at international airports across Viet Nam.

Taseco Airs recorded VND480 billion in revenue in the first nine months of 2017, a yearly increase of 139 per cent. Its nine-month post-tax profit rose four-fold from the previous year, to VND135 billion.

On October 24, the Danish private equity company, PENM Partners’ investment fund Private Equity New Markets IV K/S (PENM IV), purchased 3.6 million shares or 10 per cent of Taseco Airs to become the major shareholder.

PENM IV is a fund established in June 2015 with a first closing of approximately $120 million, and a final closing expected in 2016 with a target size of $150-175 million.

Besides PENM IV, the Denmark-based private equity firm PENM Partners is running three other funds with a total $400 million under its management. — VNS