Monday , June 24 2024

Developer Him Lam joins Bamboo Airways as shareholder

Property developer Him Lam has become a new shareholder in Bamboo Airways as the airline seeks to restructure and break-even next year.

Him Lam, a Ho Chi Minh City-based company known for developing condominium projects in southern Vietnam, will be a shareholder in the airline from now on, along with a number of new Japanese investors, the airline announced at its general meeting Wednesday.

Oshima Hideki, former deputy CEO of Japan Airlines, has been appointed chairman of Bamboo Airways for the 2023-2028 period.

Former Japan Airlines chairman Masaru Onishi will also bring his expertise no board to help the airline grow.

Bamboo Airways CEO Nguyen Minh Hai said that the Japanese experts will help the airline rapidly expand its presence in Asia.

Hai added that he and other company leaders are determined to bring Bamboo Airways to its breakeven point, or even post a profit, next year.

The company used to have 11 levels of employees, but now it has cut that figure to six in an effort to increase management efficiency and productivity, he added.

Bamboo Airways posted an accumulated pre-tax loss of VND17.6 trillion ($748.30 million) at the end of last year.

The new shareholders have made provisions for both short-term and long-term bad debts, Hai said.

To mitigate losses, the company must expand its fleet and cut down on operation costs, he added.

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