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Vietnam Airlines looking to sell Cambodia Angkor Air stake
Vietnam Airlines plans to sell its stake in Cambodia Angkor Air.
Like virtually all other airlines in the region, the carrier is trying to free up cash to stay afloat amid a historic downturn in travel demand.
Vietnam Airlines owns a 49% stake with the Cambodian government the remaining 51%.
It has not been disclosed if a ready buyer is in the wings, which seems a tough ask given the current economic climate.
It is operating only a few domestic flights right now in rotation with other Vietnamese airlines and has been forced to ground dozens of aircraft.
It has stood down about half of its workforce.
Earlier this year, the Vietnam government approved a plan to restructure its investment in Cambodia Angkor Air, and this is what it plans to do, according to its 2019 financial audit notes.
VN is also selling five A321 aircraft valued at about US$37 million to ‘undisclosed buyers’ news outlet VNExpress reported.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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