Three companies linked to Imex Pan Pacific trading group Chairman Jonathan Hanh Nguyen are expected to buy a combined 23.6 per cent stake in Sasco, which deals in air port services, including the supply of duty free shops. — Photo NDH

HCM CITY (Biz Hub) — Three companies linked to Imex Pan Pacific trading group Chairman Jonathan Hanh Nguyen are expected to buy a combined 23.6 per cent stake in the Southern Airports Services Company Ltd.

Infonet, an online newspaper of the Ministry of Information and Communications, reported that the Southern Airports Services Company Ltd or Sasco intends to sell 31.034 million shares to the three strategic partners.

It will offer Imex Pan Pacific Co Ltd 21.04 million shares, or 16 per cent of its equity, while reserving about 6.58 million shares, or 5 per cent stake, for Duy Anh Fashion and Cosmetics Co Ltd. Nearly 3.42 million shares, or a 2.6 per cent stake, will be sold to Au Chau Fashion and Cosmetics Co Ltd.

These firms will reportedly spend at least VND310.3 billion, or $14.78 million, on buying the stakes.

Sasco said that the companies can support it in expanding the high-class goods business and developing the distribution system for well-known brands.

Currently, the Imex Pan Pacific Group distributes Moet-Hennessy and Camus wines, Chanel perfume and fashion products by Burberry, Nike, CK, Salvatore Ferragamo and Versace.

The group is also franchised by restaurant chains including Thai Village, Illy Cafe, Burger King and Domino's Pizza.

Sasco is an affiliate of the Airports Corporation of Viet Nam (ACV) and is among the largest airport service providers in the country. It supplies duty-free shops, restaurants, guest rooms and transport services.

The HCM City Stock Exchange (HSX) announced this month that Sasco will launch an initial public offering of nearly 31.1 million shares on September 18. The shares will be auctioned at an initial price of VND10,000, or US$0.48, per share.

According to a Sasco privatisation plan as advised by Vietcombank Securities and released this June, the ACV will represent a 51 per cent stake by the State in Sasco, and the employees will hold 1.8 per cent of the company's equity.

Sasco has a charter capital of about VND1.32 trillion, or $62.86 million, according to HSX. Last year, the company earned more than VND2 trillion, or $95.24 million, in turnover, and VND92 billion, or $4.38 million, in after-tax profits. — VNS