Saigon Tourist to auction stakes in loss-making Jetstar airline
State-owned tour developer Saigon Tourist will auction its entire holding of almost 363,800 shares of Jetstar Pacific Airlines Joint Stock Aviation Company this month, an amount equivalent to 1.14 percent of the budget airline’s capital.
Saigon Tourist will auction a 1.14 per cent stake in Jetstar Pacific Airlines on April 26. (Photo: airbus.com)
Hanoi (VNA) -State-owned tour developer Saigon Tourist will auction its entire holding ofalmost 363,800 shares of Jetstar Pacific Airlines Joint Stock Aviation Companythis month, an amount equivalent to 1.14 percent of the budget airline’scapital.
JetstarPacific’s accumulated losses have mounted to 3.7 trillion VND (160 million USD)as of September 30, 2016, according to the figures released by VietinbankSecurities Co., who is the deal advisory.
The starting price is set at 15,000 VND (0.66 USD) a share, just a 13.6 percentof the face value of 110,000 VND for a Jetstar Pacific’s share.
At this price, Saigon Tourist will book a loss of nearly 35 billion VND forthis investment.
All existing shareholders of Jetstar airlines are eligible to participate inthe auction, scheduled on April 26. Saigon Tourist’s divestment is forecast to be difficult,especially following Jetstar Pacific’s long streak of losses. Founded in 1991,Jetstar Pacific is Vietnam’s first budget airline, but its performance has beenleft behind by its rival Vietjet Air, which started operation in 2011.
According to Vietinbank Securities Co’s report, Jetstar Pacific earned totalrevenues of nearly 4 trillion VND in the first nine months of 2016, up 550billion VND over the same period of 2015. However, it posted a loss of 346billion VND during the period, a bad performance compared to a profit of 80billion VND in first nine-months of 2015.
It accumulated losses of nearly 3.7 trillion VND by the end of September lastyear, of which short-term financial liabilities have swollen to 1.8 trillionVND.
The airline’s equity capital shrank from 3.5trillion VND to just 413 billion VND.
National flag carrier Vietnam Airlines is itslargest shareholder with a 68.85 per cent while Singapore-based Qantas AsiaInvestment Company Pte Ltd owns 30 percent.
Other two minor stakeholders include SaigonTourist with a 1.14 percent and Luong Hoai Nam, Jetstar’s former generaldirector, with a 0.01 percent stake.
In April last year, Vietnam Airlines and Qantasunveiled plans of pouring additional 139 million USD to double the size ofJetstar Pacific’s fleet to 30 aircraft over the next four years.
Saigon Tourist reported a plan to offloadJetstar Pacific shares in 2015 but did not make it due to transferrestrictions.-VNA
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Saigon Tourist will auction a 1.14 per cent stake in Jetstar Pacific Airlines on April 26. (Photo: airbus.com) 
