Lender NCB to sell its Bamboo Airways shares at $0.23

The shares are collateral for loans given to the carrier. NCB said the sale of the 203 million shares would fully cover the principal and interest, and the payment method would be negotiated with the buyers.

"This proposed price and payment method will minimize the cost and execution time," it promised shareholders.

The Bamboo Airways shares it owns make up 11% of the airline’s capital, which is worth VND18.5 trillion.

Bamboo plans to issue an additional 1.15 billion shares to raise VND11.5 trillion.

It is making drastic changes to its senior management and board of directors.

.It recently appointed Vietnam Airlines ex-deputy director Nguyen Minh Hai as CEO to replace Nguyen Manh Quan.

Bamboo Airways earlier announced that two former senior executives of Japan Airlines are set to join Bamboo Airways, which is seeking to restructure after some major setbacks.

The Japanese carrier’s ex-chairman, Masaru Onishi, and former director of public relations, Hideki Oshima, would join Bamboo’s management, its chairman, Nguyen Ngoc Trong, said recently without disclosing their positions.