Vietnam Time

3/8/2016 10:30:30 PM

VASCO aviation joint stock airlines to chair by Techcombank

The Vietnam national flag carrier Vietnam Airlines said that a representative from the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) will chair the future VASCO aviation joint stock airlines.

Accordingly, Vietnam Airlines contributes current fixed assets and an ATR72 spare parts warehouse owned by Vietnam Air Services Company, while the Bank will contribute by cash.

The Carrier has already finished submitting documents for approval to the upper level for setting up the future VASCO aviation joint stock airlines, based on the restructuring its subsidiary Vietnam Air Services Company.

The joint stock airlines has a minimum charter capital of VND300 billion, and a maximum fleet of 10 aircraft.

The restructuring plan is associated with the Prime Minister’s approval, thus creating more financial sources and ensuring the effectiveness of the company.

Vietnam Airlines is projected to retain a 51% controlling stake, while 49% will be sold to Techcombank.

The Vietnam Valuation and Finance consultancy company is in charge of evaluating the contribution value of each side.

A representative from the Bank will be head of the board of directors, while Vietnam Airlines will nominate a CEO position.

The proposal was approved by the Ministry of Transport on March 7th.

In the first period, the aviation joint stock airlines will continue to exploit the ATR72-500s which are suitable for inbound flights or to island or remote districts such as Con Dao, Ca Mau, Rach Gia and Dien Bien that currently can't receive jet aircraft like Boeing 777 or Airbus A320/A312. These routes have been calculated to ensure the company's financial efficiency,

Established in 1987, VASCO at first owns a fleet of small aircraft including AN2, AN30 and King Air B200 for some air transport routes as well as aerial photography, geological surveys, emergency medical services and search and rescue missions.

Its revenue and spending costs are posted on the mother company, Vietnam Airlines./.

 

  ( VNF )
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