FLC approves plan to transfer shares in Bamboo Airway

Recently, the Board of Directors of FLC Group has issued a resolution approving the principle of transferring shares in Vietnam Air Transport JSC (BAV) owned by FLC Group to individuals and organizations interested in the transfer.

Accordingly, the Board of Directors delegates the CEO to assign specialized departments and units to organize the transfer of BAV shares based on compliance with the law, maximizing the rights and interests of FLC Group.

The CEO of FLC also has the responsibility of appraising the share transfer price from independent valuation organizations, ensuring that the transfer price is not lower than the price determined by independent valuation organizations, selecting partners, negotiating and signing transaction contracts. In addition, timely reports must be made to the Board of Directors on the progress of work that has been approved by the General Meeting of Shareholders and the Board of Directors.

On April 10th, Bamboo Airways will hold an extraordinary shareholder meeting to approve a private placement plan. The company plans to privately place up to 35% of its charter capital after the issuance, with an estimated total of 996.2 million shares, raising nearly 10 trillion dong and increasing its charter capital to nearly 28.462 trillion dong.

In 2021, the airline did not make a profit, so FLC had to set aside provisions for this investment of 373 billion dong. This provision amount continued to increase significantly in 2022 to 3.642 trillion dong. This is also one of the investments that has caused FLC to set aside the most provisions as of the end of 2022.

On the other hand, a representative of Bamboo Airways has confirmed that the company has found new investors to replace the old shareholders, former Chairman Trinh Van Quyet and related shareholders of FLC Group.

The new investor, besides paying the share purchase price, has also agreed to inherit and take responsibility for fulfilling the obligations of paying principal and interest for previous loans that the old shareholders used their Bamboo Airways shares to pledge or mortgage with banks.