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SBIC to sell shares of VALC
The Việt Nam Ship Building Industry Corporation (SBIC) plans to sell more than 7 million shares, or 5.72 per cent, of Việt Nam Aircraft Leasing Company (VALC).
According to SBIC, the shares, with a starting price of VNĐ11,600 (US$0.51) each, would be either auctioned or negotiated, adding that it preferred selling the shares in batches.
Thus, with successful divestment, SBIC would earn at least VNĐ81.6 billion.
SBIC said the divestment would help it restructure its capital and investments in other firms.
VALC operates in the leasing of aircraft, spare parts and ground handling equipment, as well as purchasing consulting and operation management services for private aircraft. It also invested in taxi and airport services.
As of December 31, VALC has total assets of over $723 million.
Its revenues reached $76.6 million and profits after taxes were reported at $19.5 million.
VALC also projects revenues of $68.5 million, down 10.81 per cent from 2015, and profits after taxes of $15.15 million, down 22.31 per cent from 2015.
Earlier this month, VALC disclosed that it would pay shareholders a 22 per cent dividend in cash on June 30.
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