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.