Newly equitised airport firm holds first shareholders meeting

Photo source Southern Airport Service Company

The meeting marked the debut of Southern Airport Service Company (SASCO)’s board of directors for 2015 to 2019. The board consists of five members with Doan Thi Mai Huong elected as both chairwoman and CEO. Le Hong Thuy Tien, the representative of SASCO’s strategic investors (which hold 23.6 per cent) also joined the board. The remaining three members are Phan Vu Tuan, Dang Tuan Tu, and Phan Le Hoan.

SASCO has a chartered capital of VND1.3 trillion ($60.8 million) and the company has predicted that its after-tax profits for 2014 will stand at VND129 billion ($6.14 million). It forecasted a 30 per cent growth rate in 2015 and 2017 profits of VND187 billion ($8.9 million).

The meeting introduced A&C Co., Ltd as SASCO’s auditing firm for next year. SASCO is also scheduled to list on UpCOM and the Ho Chi Minh Stock Exchange (HOSE) in early 2015.

Back in September, SASCO made headlines when it sold all of the 31 million shares it had put up for its IPO. The average price per share was VND19.330 ($0.92), double the pre-IPO price. Through the share offer SASCO successfully raised VND601 billion ($28.62 million).

Established in 1993, SASCO is ranked among the 500 largest firms in Vietnam. The company provides a wide range of services for Tan Son Nhat Airport, including duty-free shops, VIP waiting areas, restaurant chains, transportation, spas, airport advertising and many others. SASCO currently has 1.447 employees.

SASCO is among a number of state-owned air services firms that went public in 2014. Vietnam Airlines, Saigon Ground Services (SAGS) and Noi Bai Cargo all held their IPOs this year. Major conglomerate Airports Corporation of Vietnam is scheduled to equitise in the first quarter of 2015.