America LLC increase stakes in Saigon Ground Services

August 14, 2023 | 12:39

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The foreign fund America LLC has bolstered its stake in Saigon Ground Services JSC, which anticipates to benefit directly from the forthcoming Long Thanh International Airport project.

America LLC increase stakes in Saigon Ground Services

Following a transaction valued at approximately $4.15 million, America LLC has heightened its shareholding in Saigon Ground Services JSC (SAGS) to over 8 per cent of the firm's chartered capital.

On August 9, America LLC acquired 1.3 million SAGS’s shares for investment purposes. This purchase lifts the fund's ownership in the Vietnamese company to 8.061 per cent, equating to over 2.7 million shares.

This development sees America LLC joining the ranks of major shareholders in the SAGS. An additional noteworthy announcement is that SAGS will finalise its list of shareholders eligible for its 2022 dividend payout of 25 per cent on August 30.

SGN stands as one of the few enterprises that are expected to gain directly from the mega Long Thanh International Airport project.

At the company's AGM in 2023, SGN representatives emphasised their plans: "Expanding our business operations to the Long Thanh International Airport is identified as a top strategic priority. Having been evaluated as one of the investors meeting the capacity and experience requirements, SAGS is actively preparing for the next phase of this project, slated to commence in 2023."

This acquisition by America LLC underscores the growing international interest and confidence in Vietnam's aviation sector and the transformative potential of the Long Thanh International Airport project.

Profit potential for winning bid at Long Thanh Airport project

Amidst a downturn in the private real estate market, Package 5.10 of Vietnam's Long Thanh International Airport has emerged as a financial lifeline for domestic and international contractors, potentially generating a net profit of up to VND1 trillion ($41.67 million) for the winning bidder.

By Tri Lam

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