Valued at $2.4 Billion, Vietnam’s Top Airport Developer Makes Share Debut on Nov. 21

Tuan Minh

09:10 17/11/2016

BizLIVE - Vietnam’s largest airport developer will list its shares on the UPCoM next week.

Valued at $2.4 Billion, Vietnam’s Top Airport Developer Makes Share Debut on Nov. 21

A view of Tan Son Nhat airport, run by ACV. Photo: Internet

Airports Corporation of Vietnam (ACV), which operates civilian airports in the country, will make debut of its 2.18 billion shares on the Unlisted Public Company Market (UPCoM) on November 11, nearly one year after its initial public offering (IPO).
ACV shares will have a starting price of 25,000 dong ($1.12) each on its first trading day, giving the firm a price tag of 54.4 trillion dong ($2.43 billion).
The airport developer raised $50 million from selling out 77.8 million shares at its IPO on December 10 last year.
The firm won approval from its shareholders in March 2016 to sell 166.2 million shares, or a 7.4% stake, to France’s Aéroports de Paris (ADP) in a private placement, for at least $100 million.
ACV now runs 22 airports across the country, seven of which serve international flights. Only Tan Son Nhat airport in Ho Chi Minh City and Noi Bai airport in Hanoi under its management are profitable.
The firm will invest in Long Thanh International Airport in the southern province of Dong Nai, 40 kilometers from HCM City. The airport may cost some $15 billion, with the first phase having an estimated cost of $5.2 billion.
The developer plans to earn a pre-tax of $92 million on revenue of $541.4 million this year. However, it had a loss of $5.55 million in the first half due to the Japanese yen appreciation.

TUAN MINH