Sacombank keen to acquire stake in Bamboo Airways
Ho Chi Minh Stock Exchange-listed Sacombank is taking procedures to acquire a stake in Bamboo Airways, one of its debtors, as the airline is seeking strategic investors.
Phan Dinh Tue, a board member of Bamboo Airways, shared the information at an extraordinary shareholders' meeting on Friday. Tue served as Sacombank’s deputy CEO and board member from 2022-2026 before joining Bamboo Airways.
The Bamboo Airways board at an extraordinary meeting on September 15, 2023. Photo courtesy of Bamboo Airways.
As a large financier of Bamboo Airways, Sacombank is interested in the former's restructuring. However, the bank must receive approval from authorities to invest in the airline as aviation is its non-core business.
Bamboo Airways, among the biggest air carriers in Vietnam, owes around VND3 trillion ($125 million) to Sacombank, according to local media.
Vietnamese Prime Minister Pham Minh Chinh last month asked ministries, including the State Bank of Vietnam (SBV), to help Bamboo Airways overcome its difficulties. As a result, the SBV, the country's central bank, has taken charge of reviewing banks that are qualified to purchase a stake in Bamboo Airways.
At the meeting, shareholders passed changes regarding the carrier's board. As such, Le Thi Truc Quynh, Bamboo Airway’s deputy CEO, was elected to join the board for the 2023-2028 term, along with Le Thai Sam, Le Ba Nguyen, Nguyen Ngoc Trong and Phan Dinh Tue. Quynh had held positions at a number of Vietnamese banks and was a deputy CEO at FLC Group, the former parent firm of Bamboo Airways, until February this year.
Meanwhile, the supervisory board will admit three news members – Nguyen Thi Hong Cam, Pham Van Hung, and Nguyen Dang Khoa – after dismissing the previous ones. Besides, the number of Bamboo’s legal representatives will be reduced to two, just chairman and CEO.
- Read More
Vietnam attracts $9.27 bln in registered FDI from Jan-Apr, Ba Ria-Vung Tau top recipient
Registered foreign direct investment (FDI) in Vietnam reached $9.27 billion in the year to April 22, while disbursed FDI hit $6.28 billion, the highest figure in the last five years.
Economy - Tue, April 30, 2024 | 10:43 am GMT+7
Ninh Thuan grants investment certificates to 7 manufacturing, energy, infrastructure projects
The south-central province of Ninh Thuan has awarded seven investment registration certificates to projects in the fields of manufacturing, energy, and infrastructure, with total registered capital of VND4.88 trillion ($192.54 million).
Industries - Tue, April 30, 2024 | 10:33 am GMT+7
No more delays to HCMC 'super' port construction: experts
The construction of the $5.5 billion Can Gio “super” port in Ho Chi Minh City should not be delayed now that MSC, the world's leading shipping company, has proposed to invest in the mega project, said experts.
Infrastructure - Tue, April 30, 2024 | 7:00 am GMT+7
Private lender VPBank targets 114% profit growth in 2024
Vietnam’s leading private lender VPBank targets to rake in VND23.17 trillion ($914.18 million) in pre-tax profit this year, a year-on-year increase of 114%, according to its 2024 business plan approved by shareholders at the AGM on Monday.
Banking - Mon, April 29, 2024 | 11:13 pm GMT+7
Construction firm Lizen to focus on transport infrastructure, suspend some renewables projects
With real estate market remaining sluggish and renewable energy policies yet to be finalized, construction firm Lizen has decided to focus on transport infrastructure and electrical engineering.
Companies - Mon, April 29, 2024 | 10:39 pm GMT+7
Speculative groups stand behind Hanoi apartment fever: association
The recent apartment fever that has swept in Hanoi shows signs of being impacted by speculative groups who have created virtual supply and demand to push prices up, according to the Vietnam Association of Realtors (VARS).
Real Estate - Mon, April 29, 2024 | 4:07 pm GMT+7
Vietnam industrial production expands 6% in Jan-April
Vietnam's index of industrial production (IIP) remained on an upward trend, rising 6.3% year-on-year in April and 6% in January-April this year.
Economy - Mon, April 29, 2024 | 3:50 pm GMT+7
Industrial real estate still leads Vietnam market: experts
Despite difficulties, industrial park real estate still leads the market, attracting sustainable foreign direct investment (FDI) to Vietnam, said experts.
Industrial real estate - Mon, April 29, 2024 | 2:38 pm GMT+7
Hanoi photo exhibition depicts Vietnam’s significant victories in 20th century
A photo exhibition highlighting Vietnam’s victories that changed the course of world history is being held at the pedestrian space around Hoan Kiem Lake downtown Hanoi.
Travel - Mon, April 29, 2024 | 1:41 pm GMT+7
Hanoi’s top painters exhibit their work dedicated to national flower
The lotus – Vietnam’s national flower, is being honored at an art exhibition that opened in Hanoi on Sunday.
Travel - Mon, April 29, 2024 | 1:39 pm GMT+7
Thailand carries out cabinet reshuffle
The new cabinet of Thai Prime Minister Srettha Thavisin was announced on Sunday.
Southeast Asia - Mon, April 29, 2024 | 1:37 pm GMT+7
Vietnam's M&A activity bounces back in Q1
After a rather gloomy 2023, merger & acquisition (M&A) activity in Vietnam recorded a significant recovery in the first quarter of 2024.
Finance - Mon, April 29, 2024 | 10:59 am GMT+7
Nam Cau Kien eco-industrial park - A circular economy pioneer
Enterprises are encouraged to transform to the circular economy model, but they still face obstacles in accessing preferential policies. Procedures to receive credit packages from domestic and foreign organizations are complicated and have criteria that most businesses cannot meet, writes Pham Hong Diep, chairman of industrial real estate developer Shinec JSC.
Industrial real estate - Mon, April 29, 2024 | 9:11 am GMT+7
How tech empowers insurance agents in Vietnam
Vietnam's insurance industry stands at the threshold of a transformative era, one marked by significant potential and rapid digital evolution, writes Tri Nguyen, country manager for Vietnam at Singapore-based insurance firm Igloo.
Consulting - Mon, April 29, 2024 | 7:00 am GMT+7
Hoiana golf tournament raises $473,000 for disadvantaged children in Quang Nam province
Hoiana Resort & Golf has raised over VND1.2 billion ($473,000) from holding a charity golf tournament to support disadvantaged children in the central province of Quang Nam.
Travel - Sun, April 28, 2024 | 7:14 pm GMT+7
Dragon Capital-linked funds raise holding in retailer Mobile World to 6.25%
Six funds related to Dragon Capital, one of major fund management companies in Vietnam, have bought in a combined 4.66 million shares of leading Vietnamese retailer Mobile World Investment Corporation.
Companies - Sun, April 28, 2024 | 4:24 pm GMT+7
