for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Vietnam Airlines to issue $346 mln worth of shares to raise capital

HANOI, Dec 29 (Reuters) - Flag carrier Vietnam Airlines said on Tuesday it would issue nearly $346 worth of shares for existing stakeholders to boost its recovery from the impacts of the coronavirus pandemic and return to profitability by 2023.

The issuance will be completed by June next year after the carrier received approval from the authorities. All capital raised would pay off outstanding debts, its chairman Dang Ngoc Hoa said at a regular shareholder meeting.

Due to the COVID-19 pandemic, the carrier expected to make losses of 14.445 trillion dong ($624.65 million), about 2.4 trillion dong less than previously expected, Hoa added. ($1 = 23,125.0000 dong) (Reporting by Phuong Nguyen; Editing by Martin Petty)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up