BizLIVE - A number of domestic and foreign companies have shown interest in buying ACV shares.
Vietnam to Unload 20% Stake in No.1 Airport Developer
A view of Da Nang International Airport, run by ACV. Photo: Dung Minh/Bao Dau Tu
The Vietnamese government plans to sell up to a 20% stake, equivalent to 435.4 million shares, in Airports Corporation of Vietnam (ACV) in the third quarter next year, as the government pushes its privatization process, local media reported.
With the closing price hovering around 90,000 dong a share, the stake is valued at more than 39 trillion dong ($1.73 billion).
If things go smoothly, the state holding in the firm will be cut to 75.4%. The ownership will slip to 65% by 2020 in line with a government decision.
A plan on the share sale was submitted to the Ministry of Transport at end-November, said ACV Chairman Lai Xuan Thanh, adding the shares will be open for public bidding.
Regarding concerns over the large volume of shares to be offered, ACV's Deputy General Director Vu The Phiet said a number of domestic and foreign companies were keen on the shares due to the firm's solid earnings post-equitization and competitive edges.
ACV also plans to move its listing from the Unlisted Public Company Market (UPCOM) to the Hochiminh Stock Exchange (HOSE), home to the largest companies in the countries, for better liquidity.
ACV started to operate as a joint stock company in April 2016 after undergoing an initial public offering at end-2015. It now runs six international airports and 16 other airports with domestic flights.
In the first three quarters this year, ACV earned a net profit of 2.96 trillion dong ($130.4 million) on revenue of 10.32 trillion dong.