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National Citizen Commercial Bank plans to seek shareholders’ permission this month to sell 203 million shares, equivalent to a 11% stake, of Bamboo Airways.
Property developer FLC pledged some of the shares as collateral for loans.
FLC and its disgraced former chairman, Trinh Van Quyet, who is in custody for alleged stock market manipulation, had also used Bamboo Airways shares for borrowing from OCB and Sacombank.
The carrier last month sought shareholders’ approval to increase its capital by VND9.57 trillion ($408.15 million) to deal with debts, but failed to get it.
It plans to convene another extraordinary general meeting this month to raise the issue again.
