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Vietnam Airways JSC (HoSE: HVN) just lately introduced that it has accomplished the switch of 35 p.c of its shares in Cambodia Angkor Air (K6) to the receiver, beneath an settlement between the 2 events within the share switch contract.
Vietnam Airways JSC (HoSE: HVN) just lately introduced that it has accomplished the switch of 35 p.c of its shares in Cambodia Angkor Air (K6) to the receiver, beneath an settlement between the 2 events within the share switch contract.
After the switch, K6 is not an affiliated firm of the flag service.
In response to a 2021 audited consolidated monetary assertion, on January 3 and March 29, the airline obtained 30 million USD and 4 million USD respectively from traders to purchase again the contributed capital of the corporate at K6.
It had additionally obtained a deposit of 1 million USD in 2019. The entire 35 million USD corresponds to 35 p.c of K6 shares.
Though the cash was solely paid till 2022, because of the switch of inventory possession in 2021, Vietnam Airways’ report has not recorded K6 as an affiliate, and income from monetary actions posted a acquire of greater than 647.7 billion VND from the revenue of the switch of contributed capital.
The revenue has helped the service scale back its loss in 2021 and its fairness remains to be higher than zero, escaping a delisting sentence.
Cambodia Angkor Air was established in 2009 beneath the cooperation of Vietnam Airways and the Royal Authorities of Cambodia.
Beneath the three way partnership contract, Vietnam Airways contributed 49 p.c of the capital to Cambodia Angkor Air with the historic value of 868.5 billion VND.
On the finish of 2021, after divesting 35 p.c of shares, the remaining 14 per cent of K6 shares have been transferred to the funding portfolio to contribute capital to different entities with the historic value of 248 billion VND.
Final yr, K6 enterprise actions have been closely affected by the COVID-19 pandemic, like different airways within the area and the world.
To minimise losses, K6 has applied options to restructure, scale back the size of operations, sustaining only some principal routes with minimal frequency to chop prices, negotiating to delay funds, and benefiting from each alternative to extend the exploitation of constitution and cargo flights to complement money circulate to take care of operations.
Nonetheless, it had misplaced 17.7 million USD final yr, a rise of 37.2 p.c in comparison with 2020’s losses.
On the inventory market, HVN fell 1.04 p.c to commerce at 18,950 VND per share at 10:55 (native time) after gaining for 4 straight periods.
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