Vietcombank (VCB), Vietnam’s largest lender by market value, has earned VND334 billion ($14.6 million) by offloading 7.6 million shares of Vietnam Airlines (HVN).
The bank currently still holds more than 14.8 million shares of Vietnam Airlines, equivalent to 1.21 per cent of the carrier’s charter capital. Vietcombank earlier purchased 22.4 million HVN shares in its initial public offering (IPO) at the end of 2014 at VND22,300 ($0.9) per share.
During trading hours, HVN shares plunged from VND62,000 ($2.7) to VND44,000 ($1.9). At the lowest price, Vietcombank earned $14.6 million from the sale.
Vietnam Airlines shares are expected to list on the Ho Chi Minh Stock Exchange (HoSE) in the second quarter this year. The carrier is expected to issue fresh shares to existing shareholders in order to increase its charter capital and reduce state ownership from more than 86 per cent currently to 51 per cent next year.
In 2017, Vietnam Airlines’s total revenue stood at VND88.4 trillion ($3.9 billion), with pre-tax profit at a record VND2.8 trillion ($124.4 million). Vietcombank on January 12 reported a pre-tax profit of more than VND11 trillion ($482.5 million) in 2017, a rise of 32.9 per cent during the same period in the previous year and 16 per cent higher than its target.