Airports Corporation of Vietnam (ACV), the sole operator of the country’s 22 airports, plans to hold the open auction to divest its 20 per cent stake worth VND4.35 trillion ($194.77 million) to foreign and local investors in 2018.
According to Vietnam News that cites the ACV report sent to the Transport Ministry, this share divestment is on the government’s list to divest the shares in 406 state-owned enterprises including the country’s largest brewer Sabeco from now until 2020.
Once the transaction is completed, the state will hold 75.4 per cent of ACV’s registered capital.
Earlier this year, it was reported that French Aeroports de Paris, its sole foreign strategic shareholder, and Singapore’s Changi Airport were interested in acquiring this 20 per cent stake.
ACV has monopolized the operation of 22 international and domestic airports. However, Vietnam News cited that the assets in airfields serving flight operations will not be equitized but transferred to the state, which might make this deal less attractive to bidders.
ACV targets to generate VND13.29 trillion in revenue ($583 million) and VND3.67 trillion ($161 million) in profit this year. Of that, 65 per cent of its revenue comes from duty-free sales at the airports.