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Vietjet to sell all treasury stock

Budget carrier Vietjet is seeking to sell its treasury stock to a strategic investor to raise working capital as the Covid-19 pandemic hits revenues.

Ngày đăng: 20 tháng 3, 2021
Cập nhật: 10 tháng 1, 2022
Lượt xem: 16253380
Nguồn: vnexpress

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Budget carrier Vietjet is seeking to sell its treasury stock to a strategic investor to raise working capital as the Covid-19 pandemic hits revenues.

Budget carrier Vietjet is seeking to sell its treasury stock to a strategic investor to raise working capital as the Covid-19 pandemic hits revenues.

The airline’s 17.77 million treasury shares, or 3.28% of its charter capital, was purchased in August 2019 for VND 132,063 ($5.7) per share.

Vietjet said it will negotiate the price with the buyer.The deal will help restructure capital and ensure profitable growth, the company said.

The airline's share price of VJC has dropped nearly 30% since the beginning of the year to VND 110,000 at the time of announcement.At this price, the deal can be valued at 1 dong.79 trillion ($77.3 million).

Vietjet's revenue in the first six months of the year fell by 50% year-on-year to 12 dong.2 trillion as most flights have been suspended as part of efforts to limit the spread of the new coronavirus.

It has targeted a pre-tax profit of VND100 billion for this year, a drop of 98 percent from last year, due to the pandemic impacts.

Its passenger numbers are set to drop 19% year-on-year to 20.2 million and flights increased 15% to 118,000.


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