FLC and Trinh Van Quyet increase stake in Bamboo Airways to nearly 90 per cent

March 12, 2021 | 15:22

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In February 2021, Bamboo Airways scaled up its charter capital from VND7 trillion ($304.35 million) to VND10.5 trillion ($456.5 million).

flc and trinh van quyet increase stake in bamboo airways to nearly 90 per cent

Additional financial resources provide an essential launching pad for Bamboo Airways' drastic expansion plan in 2021

Along with this, Trinh Van Quyet, chairman of FLC Group cum chairman of Bamboo Airways, contributed an additional VND1.738 trillion ($75.57 million) and FLC Group contributed VND550 billion ($23.9 million).

After the capital hike, Trinh Van Quyet and FLC Group are still the two largest shareholders of Bamboo Airways, where FLC Group and related personnel and member companies hold nearly 90 per cent of Bamboo Airways’ stake.

In 2020, Bamboo Airways' pre-tax profit surpassed VND400 billion ($17.4 million), an increase of nearly 34 per cent on-year, ranking Bamboo Airways among a few number of airlines to make profit worldwide.

Additional financial resources provide an essential launching pad for Bamboo Airways' drastic expansion of operations in 2021, including increasing the fleet size to at least 50 aircraft, carrying the process of renovating the airline into a 5-star carrier and comprehensive digitisation.

The fledgeling airline also aims to expand its domestic flight network to connect all provinces and cities nationwide, along with restoring the international flight network after getting government allowance.

In 2020, Bamboo Airways' pre-tax profit surpassed VND400 billion ($17.4 million), an increase of nearly 34 per cent on-year, ranking it among the few airlines across the world to make a profit.

After auditing, FLC Group recorded a pre-tax profit of over VND421 billion ($18.3 million) and after-tax profit of nearly VND308 billion ($13.4 million), up 43 and 68 per cent, respectively, compared to the cumulative profit for the whole year recorded in the previous fourth-quarter financial statement.

By Anh Duc

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