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Thursday, September 29, 2022

Vietnam Airlines lowers its stake in Cambodia Angkor Air

The Saigon Times

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HCMC – Vietnam Airlines (HVN) has earned some US$35 million from the sale of a 35% stake in Cambodia Angkor Air.

After its share sale, Cambodia Angkor Air is no longer an associate firm of Vietnam’s national flag carrier, the local media reported.

In its 2021 audited consolidated financial report, Vietnam Airlines said that the transaction was conducted between January 3 and March 29, while it is planning to divest the remaining 14% stake in the Cambodian airline this year.

A representative of Vietnam Airlines said that the stake cut has been planned since 2017.

Established in 2009, Cambodia Angkor Air is a joint venture between Vietnam Airlines and the Cambodian Government.

Closing the stock trading session today, May 31, HVN lost over 2.6%, ending its winning streak of four sessions.

On the Hochiminh Stock Exchange, increased selling pressure dragged the VN-Index down 1.24 points, or 0.1%, from the session earlier, at 1,292.68, with losers doubling gainers by 298 to 147.

Over 591 million shares worth VND16.1 trillion changed hands, inching up 1% in volume and falling by 2% in value against the previous session.

Many stocks in the VN30 basket fell into negative territory.

Extending its rally, the HNX-Index of the Hanoi Stock Exchange added 2.99 points, or 0.96%, from the session earlier, at 315.76. Many bluechips performed well, contributing to the gain of the index.

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