Vi­etJet in talks on over­seas list­ing

New Straits Times - - Business -

HANOI: Vi­etJet Avi­a­tion Joint Stock Co is in talks to be­come the first com­pany in Viet­nam to list its shares on a stock ex­change over­seas as the car­rier, which con­trols more than 40 per cent of the do­mes­tic air­line mar­ket, seeks more funds af­ter plans for bil­lions of dol­lars in air­craft pur­chases.

“We’ve been ap­proached by some for­eign stock ex­changes, in­clud­ing London, Hong Kong and Sin­ga­pore, which ex­pressed their in­ter­est in our stock,” said Vi­etJet founder and chief ex­ec­u­tive of­fi­cer Nguyen Thi Phuong Thao on Sun­day.

Thao said she would meet ex­change of­fi­cials in New York later this week.

The plan for the 41 tril­lion­dong (RM7.69 bil­lion) low-cost car­rier comes amid the gov­ern­ment’s eas­ing of rules to al­low more for­eign in­vest­ment in one of the fastest-grow­ing avi­a­tion mar­kets.

Vi­etJet, known for a mar­ket­ing stunt fea­tur­ing bikini-clad ser­vice crew, re­ceived share­holder ap­proval last month to boost its for­eign own­er­ship limit to 49 per cent from 30 per cent.

“List­ing over­seas on big mar­kets will help in­crease our ac­cess to more fund sources, boost the trad­ing of our stock and ex­pand the list of our in­vestors,” said Thao, a self-made bil­lion­aire.

“We don’t want to hide our hope to be­come the first Viet­namese com­pany to list shares over­seas.”

Shares of Vi­etJet rose 0.5 per cent to 127,400 dong as of 1.03pm in Ho Chi Minh City. The stock has surged about 51 per cent since it started trad­ing three months ago, com­pared with a 6.6 per cent gain in the Bloomberg Asia Pa­cific Air­lines In­dex.

The over­seas list­ing plan would make Vi­etJet the first Viet­namese com­pany to of­fi­cially trade over­seas, ac­cord­ing to Tran Anh Dao, deputy chief ex­ec­u­tive of the Ho Chi Minh City Stock Ex­change. Bloomberg

Nguyen Thi Phuong Thao

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