National flag carrier Vietnam Airlines has acquired $35 million from divesting a 35 per cent stake in Cambodia Angkor Air.
After the transfer deal, Cambodia Angkor Air has ceased its role as an affiliated company of Vietnam Airlines.
According to the audited consolidated financial report from Vietnam Airlines, the company acquired $34 million from the sale deal including a $1 million deposit. According to the two parties’ agreement, Vietnam Airlines will continue to divest the remaining 14 per cent of its stake this year.
The divestment was planned in 2017.
In 2009, Vietnam Airlines purchased 49 per cent of Angkor Air’s stakes, showing its interest in the Cambodian aviation market. The remainder was held by the local government.
As of December 31, Vietnam Airlines has 15 subsidiaries and four affiliated companies.
Vietnam Airlines is currently recovering international flights, having increased its frequency on eight routes linking Vietnam with Japan and South Korea from May 15.
Three more routes to South Korea will be resumed from June 1 and routes connecting Hanoi and Ho Chi Minh City with Tokyo, Osaka, and Nagoya will each see up to two new flights per week.