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Vietnam Airlines to raise $84mn to buy 18 new planes via share issue

Thursday, June 22, 2017, 17:45 GMT+7

Vietnam Airlines is scheduled to issue over 191 million shares to fund a plan to add more modern Boeing and Airbus planes to its fleet, the national flag carrier said at a shareholder meeting on Tuesday.

The carrier’s shareholders voted to approve the offering, which seeks to raise VND1.9 trillion (US$83.7 million), by the end of 2017 or early 2018.

Vietnam Airlines has plans to spend more than VND2,111 billion ($93 million) on the purchase of ten Airbus A350-900WXB’s and eight Boeing 787-9’s this year, accounting for 72 percent of its 2017 investment budget.

The shareholders also approved the carrier’s financial plan, with an expected revenue of VND66,872 billion ($2.95 billion), a 22 percent increase from last year, and VND1,256 billion ($55.33 million) in profit.

The airline also set a target of carrying more than 22.5 million passengers this year, a six percent rise from 2016.

Vietnam Airlines began listing on the Unlisted Public Company Market (UPCoM) in January 2017 and is completing procedures to list on the Ho Chi Minh City Stock Exchange later this year.

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