Vietnam Airlines has announced that it had completed the sale of a 35 percent stake in Cambodia’s Angkor Air.
Vietnam Airlines sells 35 percent stake in Cambodian carrier. Photo by Tien Phong
According to the Vietnamese flag carrier, they received USD35 million from the sale which was made in two deals on January 3 and March 29.
Vietnam Airlines bought a 49 percent stake and became a major shareholder of Cambodia Angkor Air in 2009.
Under the agreement, the Vietnamese airline would support its Cambodian peer in expanding operations and aircraft maintenance, along with other services. In 2021, Vietnam Airlines earned VND235 billion (USD10.1 million) from providing services for Angkor Air.
When the Covid-19 pandemic broke out in 2020, Vietnam Airlines planned to withdraw its stake from the Cambodian airline to cope with the severe impacts of the pandemic. It said that it would divest the remaining 14 percent by the end of this year.
The airline accumulated losses of nearly VND22 trillion (USD963 million) in 2021.
