Vietnam Airlines (VN, Hanoi Noi Bai International) has sold its 49% stake in Cambodia Angkor Air (K6, Siem Reap) to private equity investors, a spokesman for Cambodia's State Secretariat of Civil Aviation (SSCA) told the country's parliament last week. The deal also included the sale of five A321-200s, with a total liquidation value of USD37 million.
According to local media reports, Sin Chansereyvutha said Angkor Air's partial sale had not changed the airline’s management structure or operations or indeed the state's own shareholding. He added that there was no intention of completely nationalising the airline despite concerns about the impact the COVID-19 crisis has had on Cambodia's aviation industry.
Vietnam Airlines held a total of 59% of Cambodia Angkor Air's capital, with 49% controlled by the airline directly and 10% held in trust through the Phuong Nam Investment - Tourism and Shipping Co., Ltd which in turn has a stake in Angkor shareholder, Cambodian travel agency Kasimex. Under the original plan, Vietnam Airlines was to have divested its shares in two stages. In phase 1, the company was to have sold its 49% stake in the carrier for USD49 million with the second phase, entailing the sale of its remaining capital, to take place within the following 36 months.
Vietnam Airlines did not respond to a ch-aviation request for comment.
Cambodia Angkor Air was established in 2009, eight years after former flag carrier airline Royal Air Cambodge (Phnom Penh) filed for bankruptcy in the wake of the September 11 attacks. According to the ch-aviation fleets module, its fleet consists of six aircraft, including two A320-200s, one A321-200 and three ATR72-500s. The carrier's network is limited to domestic services within Cambodia, as well as regional flights to Viet Nam, China and Macao.
