Saturday , April 1 2023

FLC to sell stake in Bamboo Airways

Property developer FLC is set to sell its stake in carrier Bamboo Airways as part of the company’s restructuring plan.

FLC Chairman Le Ba Nguyen announced the plan at an extraordinary general meeting Saturday morning, adding that the company will first consult with financial experts on the sale before giving shareholders more details.

FLC has invested VND4.02 trillion ($169.44 million) into Bamboo Airways for a 21.7% stake in the airline.

As the airline is yet to turn a profit, in 2021 and 2022 the airline had to make provisions for it by the same amount it had invested.

According to the Civil Aviation Authority of Vietnam (CAAV), former FLC chairman Trinh Van Quyet has a 55.5% stake in Bamboo Airways.

The airline had its maiden flight in 2019 and now owns 30 jets with routes to Australia, Europe, Southeast Asia and North Asia.

The sale of its stake in Bamboo Airways is part of FLC’s plan to restructure after key leaders, including Quyet, were arrested in March and April last year due to alleged stock manipulation.

This year the company will focus on property development, resorts management and restructuring debt.

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