Wednesday , May 22 2024

Embattled Vietnam Airlines to sell stake in fuel distributor Skypec

Vietnam Airlines is looking for a consultancy to help it sell a stake in fuel distributing subsidiary Skypec amid the threat delisting from the stock market for making losses.

The company said in a statement that consultancies could make their offers until February 8.

Skypec, wholly owned by Vietnam Airlines, and Petrolimex Aviation are the two biggest jet fuel distributors in Vietnam.

It has total storage capacity of over 220,000 cubic meters, including at major seaports and 18 airports, and can fuel 214,000 aircraft annually.

Before the Covid-19 pandemic broke out Skypec was one of the biggest money spinners for Vietnam Airlines.

The airline has been warned by the Ho Chi Minh Stock Exchange that it would be delisted for posting losses.

As of last year it had an accumulated loss of VND34.2 trillion (US$1.46 billion).

Last year the company had to sell a 35% stake in Cambodia Angkor Air for $35 million to increase its equity to avoid delisting.

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