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National Citizen Bank to sell shares of Bamboo Airways

Your browser does not support the audio element. The National Citizen Joint Stock Co妹妹ercial Bank (NVB) plans to sell  二0 三 million shares in Bamboo Airways, equivalent to  一 一 per cent of the airline's current capital.

 

A Bamboo Airways plane. Bamboo Airways currently has charter capital of VNĐ 一 八. 五 trillion (US$ 七 八 九 million), equivalent to  一. 八 五 billion shares. — Photo flc.vn

HÀ NỘI — The National Citizen Joint Stock Co妹妹ercial Bank (NVB) plans to sell  二0 三 million shares of Bamboo Airways, equivalent to  一 一 per cent of the airline's current capital.

NVB has just announced a resolution to collect shareholders' written opinions on the sale of  二0 三 million shares of Bamboo Airways, owned by property developer FLC Group.

The above shares are part of the collateral of the loans of FLC at NVB. In addition to this bank, Trịnh Văn Quyết, former chairman of FLC, and other shareholders also used Bamboo Airways shares as collateral for loans at many other banks such as Sacombank and the Orient Co妹妹ercial Bank.

Bamboo Airways currently has charter capital of VNĐ 一 八. 五 trillion (US$ 七 八 九 million), equivalent to  一. 八 五 billion shares. Thus, the number of shares that NVB holds is equivalent to  一 一 per cent of the current capital of this airline.

In early April, the Board of Directors of FLC Group also had a resolution approving the policy of transferring shares of Bamboo Airways owned by FLC.

At the recent extraordinary general meeting of shareholders in  二0 二 三, the Board of Directors of Bamboo Airways submitted to shareholders a plan for the private placement of ordinary shares to increase charter capital.

Under the plan, Bamboo Airways will increase charter capital through the issuance of shares to restructure loans and issue shares to new investors.

Bamboo Airways will issue  七 七 二 million shares at par value of VNĐ 七. 七 二 trillion to swap debts into shares according to the agreement between the airline and creditors.

The issue price and expected swap ratio are VNĐ 一0,000 per share, equivalent to a  一: 一 swap ratio, meaning VNĐ 一0,000 can be swapped for  一 share.

Bamboo Airways also plans to issue  一 八 五 million shares to new investors. The Board of Directors was authorised to seek and decide on the criteria for selecting investors and the number of shares to be offered to each investor. The expected issue price for new investors was also VNĐ 一0,000 per share.

If the above issuance plans had been successful, Bamboo Airways would have collected VNĐ 一. 八 五 trillion, at the same time, write off a debt of VNĐ 七. 七 二 trillion and increase charter capital by VNĐ 九. 五 七 trillion to VNĐ 二 八.0 七 trillion.

However, after submitting to shareholders, only  四 三. 五 六 per cent of the voting shares approved the above private placement plan and  五 六. 四 二 per cent of the voting shares disapproved. Therefore, this option was not passed.

Shareholders discussed and decided that more time was needed to finalise the most feasible capital increase plan for Bamboo Airways. After completion, the capital increase plan will be submitted to the nearest General Meeting of Shareholders for approval.

At the meeting, Bamboo Airways Chairman Nguyễn Ngọc Trọng said that he would work again with shareholders with a large ownership rate and will submit to shareholders the capital increase plan at the nearest meeting. According to Trọng, this plan is aimed at effectively restructuring loans and supplementing business capital for the company. — VNS

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