Cambodia Angkor Air’s minority shareholder, Vietnam Airlines sells stake for $49 million

• Apr 24, 2020

Cambodia Angkor Air (K6, Siem Reap) is set to see new investors in the form of private equity investors after 49 percent of it’s shares, owned by Vietnam Air, changed hands for $49 million.

Vietnam Airlines held a total of 59% of Cambodia Angkor Air’s capital, with 49% controlled by the airline directly and 10% held in trust through the Phuong Nam Investment – Tourism and Shipping Co., Ltd which in turn has a stake in Angkor shareholder, Cambodian travel agency Kasimex.

Under the original plan, Vietnam Airlines was to have divested its shares in two stages. In phase 1, the company was to have sold its 49% stake in the carrier for USD49 million with the second phase, entailing the sale of its remaining capital, to take place within the following 36 months.

It was learned from various sources that Vietnam had also inked a deal to dispose of its five A321-200s valued at $37 million to the same private equity investors as the impact of the virus outbreak affects their financial position.

Aspokesman for Cambodia’s State Secretariat of Civil Aviation (SSCA), Sin Chansereyvutha had said last week that hat there was no intention of completely nationalising the airline despite concerns about the impact the COVID-19 crisis has had on Cambodia’s aviation industry.

Cambodia’s airline industry has been severely impacted by the COVID-19 pandemic as daily, a maximum of 150 passengers were reported to be coming into the country, largely from China as there are very few other international air carriers that the still mounting flights to Cambodia because of the travel restrictions and total lockdowns in various parts of the world from where the country’s normal incoming passengers originate from. They include Malaysia, Thailand, Singapore, Japan, South Korea and China.

Source: https://www.khmertimeskh.com/50716652/cambodia-angkor-airs-minority-shareholder-vietnam-airlines-sells-stake-for-49-million/