Vietnam Airlines plans to sell aviation fuel company

, Vietnam Airlines plans to sell aviation fuel company


Vietnam Aviation Fuel Company Limited (Skypec) mainly serves Vietnam Airlines and dozens of international airlines.

Vietnam Airlines has just invited consulting units to set up and implement its capital transfer plan at Vietnam Aviation Fuel Company Limited (Skypec). Accordingly, the latest deadline for units to submit their bids to provide the above service package is February 8.

Skypec, formerly known as Vietnam Aviation Petroleum Company, was established and officially went into operation in 1993 with a charter capital of 400 billion VND, owned by Vietnam Airlines.

Currently, parent company Vietnam Airlines is holding 100% of capital in Skypec. Vietnam Airlines General Director Le Hong Ha is also the Chairman of the Skypec Board of Directors.

Skypec and Petrolimex Aviation are currently the two main suppliers of aviation fuel in the domestic market. Skypec has been supplying fuel to all domestic airlines and more than 100 foreign airlines at 18 civil airports throughout Vietnam and 4 major international airports of Korea such as Korean Air, All Nippon Airways, Qatar Airways, Cathay Pacific, China Airlines, Vietjet Air, Bamboo Airways,…

With a capacity of more than 220,000 m3, Skypec owns a system of watershed warehouses at major seaports and airport warehouses at 18 civil airports nationwide. The company is capable of serving over 214,000 flights with a total annual output of over 2 million tons per year. In the pre-epidemic period, Skypec used to account for 30% of Vietnam Airlines’ revenue.

The plan to sell capital at Skypec is likely included in the overall restructuring project of Vietnam Airlines for the period 2021-2025, which has been reported to shareholders and submitted to the competent authorities for approval. Vietnam Airlines said it will continue to implement synchronous solutions to overcome the situation of consolidated loss and negative equity. The company also prepared the necessary conditions to be ready to deploy the plan to issue shares to increase equity after being approved.

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Recently, the Ho Chi Minh Stock Exchange (HoSE) has just announced to note the possibility of delisting Vietnam Airlines shares.

Specifically, HoSE said that according to the consolidated financial statements of the fourth quarter of 2022, Vietnam Airlines recorded a negative after-tax profit of parent company shareholders of the year as negative 10,452.6 billion, undistributed after-tax profit at the end of last year was negative 34,199.5 billion VND, equity negative 10,199.2 billion VND.

Previously, on June 1, 2022, HoSE issued a decision to maintain control of HVN shares.

@Zing News

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