Vietnam Airline sells stake in Cambodian carrier
In this article (5)
Vietnam Airlines has sold a 35 percent stake in Cambodia Angkor Air for US$35 million.
It had bought a 49 percent stake in the Cambodian carrier in 2009 and promised to help it expand.
But in 2020 it had expressed its intention to sell of its stake due to Covid-19. It is now set to divest the remaining 14 percent in by the end of this year.
Vietnam Airlines’ accumulated losses climbed to VND21.98 trillion ($955.6 million) last year, roughly the same as its charter capital.
Questions & Answers
Q.When did Vietnam Airlines first acquire its stake in Cambodia Angkor Air?
When did Vietnam Airlines first acquire its stake in Cambodia Angkor Air?
Vietnam Airlines initially bought a 49 percent stake in the Cambodian carrier in 2009. At that time, it had also promised to assist Cambodia Angkor Air with its expansion plans.
Q.Why did Vietnam Airlines decide to sell its stake in the Cambodian carrier?
Why did Vietnam Airlines decide to sell its stake in the Cambodian carrier?
Vietnam Airlines expressed its intention to divest its stake in Cambodia Angkor Air in 2020. This decision was primarily due to the impact of Covid-19, which likely affected its financial position.
Q.What is the total amount of accumulated losses reported by Vietnam Airlines last year?
What is the total amount of accumulated losses reported by Vietnam Airlines last year?
Last year, Vietnam Airlines reported accumulated losses that climbed to VND21.98 trillion. This figure is equivalent to approximately $955.6 million, which is roughly the same amount as its charter capital.
Q.When does Vietnam Airlines plan to sell its remaining stake in Cambodia Angkor Air?
When does Vietnam Airlines plan to sell its remaining stake in Cambodia Angkor Air?
Vietnam Airlines is currently set to divest its remaining 14 percent stake in Cambodia Angkor Air by the end of the current year. This transaction will complete the airline's full divestment from the Cambodian carrier.