Bamboo Airways to raise $425M through rights issue

It will offer 35 new shares for every 100 held and the issuance will be made this year.

It currently has a charter capital of VND18.5 trillion.

The proposal will be presented to shareholders at an extraordinary general meeting on Apr. 10.

The airline has said it has found a buyer to take it over.

Former chairman Trinh Van Quyet who was arrested last year for alleged stock manipulation owns a 55.5% stake in it.

The buyer, whose identity has not been revealed, has agreed to take over the entire debts and also provide Quyet with the money he might have to pay as fines and indemnification for the stock manipulation which led to his arrest.