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Banking & Finance

Saigontourist to fully divest from Jetstar Pacific

Released at: 16:16, 31/03/2017

Saigontourist to fully divest from Jetstar Pacific

Photo: saigontourist.net

Shares to be offered to existing shareholders at just $0.66 per share, or 14% of face value.

by Hai Van

The Saigon Tourist Corporation (Saigontourist) has secured approval from the Ministry of Finance to sell 363,775 shares in Jetstar Pacific to existing shareholders in the second quarter of this year.

Jetstar Pacific has charter capital of VND3,522 billion ($154.8 million), or more than 32 million shares with a par value of VND110,000 ($4.8) per share, according to the shareholder register for November 7, 2016.

Shares to be offered by Saigontourist account for 1.14 per cent of charter capital and will have a starting price of just VND15,000 ($0.66) per share, or 14 per cent of the face value.

If the auction is successful, Saigontourist will receive some VND5.5 billion ($241,700). If existing shareholders do not buy all shares, there will be a public bid.

The current shareholding structure at Jetstar Pacific has Vietnam Airlines as the largest shareholder, with 22.04 million shares or 68.85 per cent, together with Qantas Asia Investment Company (Singapore) Pte. Ltd with 9.6 million shares or 30 per cent, and former CEO, now CEO of Air Mekong, Mr. Luong Hoai Nam, with 4,490 shares, or 0.014 per cent.

Vietnam Airlines became the largest shareholder in Jetstar Pacific in 2012, after the former racked up years of losses. Jetstar Pacific then updated its fleet, moving from older Boeing 737 aircraft to Airbus A320 aircraft. It first announced its earnings in 2015.

As at September 30, 2016, revenue in the first nine months of last year stood at nearly VND3.96 trillion ($174 million) and after-tax losses at VND346 billion ($15.2 million), with a negative earnings-per-share (EPS) of VND10,813 ($0.47). Recent dividends are not available.

Total assets are VND3.753 trillion ($164.9 million). Liabilities account for 90 per cent, or VND3.34 trillion ($146.8 million), of which nearly VND1.8 trillion ($79.1 million) is short-term debt and finance leases. Accumulated losses have reached 3.69 trillion ($162.2 million).

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