Lender NCB wants to sell 11% stake in Bamboo Airways pledged as collateral

By Anh Tu May 5, 2023 | 10:14 pm PT

A Bamboo Airways Airbus A320-200 operated by Freebird Airlines prepares to land at Noi Bai international airport in Hanoi, Vietnam April 18, 2019. Photo by Reuters

National Citizen Commercial Bank plans to seek shareholders’ permission this month to sell 203 million shares, equivalent to a 11% stake, of Bamboo Airways.

Some of the shares were pledged by property developer FLC as collateral for loans.

FLC and its disgraced former chairman, Trinh Van Quyet, who is in custody for alleged stock market manipulation, had also used Bamboo Airways shares for borrowing from OCB and Sacombank.

The carrier last month sought shareholders’ approval to increase its capital by VND9.57 trillion ($408.15 million) to deal with debts, but failed to get it.

It plans to convene another extraordinary general meeting this month to again raise the issue.