Vietnam Airlines sells 49% stake in Cambodia Angkor Air

Vietnam Airlines has sold its 49 per cent stake in Cambodia Angkor Air to private investors, Khmer media reported, citing a local government official.

The deal size could not be ascertained.

Sin Chansereyvutha, a spokesman for Cambodia’s State Secretariat of Civil Aviation, reportedly confirmed the deal, adding that the Kingdom government, with its 51 per cent ownership, had no intention to wholly control its national airliner.

A request sent to Vietnam Airlines did not immediately elicit a response.

Earlier this month, Vietnam Airlines said it was planning the sale of a 49 per cent stake in Angkor Air in light of the impacts by the COVID-19 pandemic to its business.

“The company’s operation has been adversely impacted by the unpredictable development of the pandemic. The management has come up with short- and long-term solutions to cope with the uncertainties,” Vietnam Airlines said in its 2019 financial statement.

The Vietnamese national carrier reported a net profit of 2.54 trillion dong ($109 million) in 2019 but has suffered a loss of 2.4 trillion dong in the past quarter. Vietnam’s committee of state capital in enterprises has said that Vietnam Airlines is the most impacted business amongst the 19 companies it manages.

Vietnam Airlines’ stock price had halved since the travel industry was hit by the COVID-19 crisis until the end of March. It is bouncing back as the situation has been in better control and travel ban within the country has been lifted.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.