National Bank wants to sell all 203 million shares of Bamboo Airways

The resolution of the Board of Directors of National Citizen Commercial Joint Stock Bank will seek shareholders' opinions on the transfer of 203 million Bamboo Airways shares in May. The airline currently has 1.85 billion shares, equivalent to a charter capital of VND18,500 billion. Thus, the number of shares that the bank is selling is equivalent to 11% of Bamboo Airways' current capital.

Also according to the resolution, the transfer price of the above shares is equal to the total of all principal and interest obligations that the bank has offset plus the interest arising from the time of offset to the time the buyer makes payment with interest equal to the average savings interest rate of economic organizations and individuals calculated on the principal that has been offset. The payment period is agreed upon and assigned to the bank's Board of Directors to decide.

Ngân hàng Quốc Dân muốn bán hết 203 triệu cổ phần hãng hàng không Bamboo Airways - Ảnh 1. — National Bank wants to sell 203 million Bamboo Airways shares

The above number of Bamboo Airways shares originated as part of the collateral for FLC Group's loans at the National Bank. In mid-2022, the bank's Board of Directors also issued two resolutions on the handling of these collateral assets.

On Bamboo Airways' side, at the extraordinary general meeting of shareholders in 2023 held on April 10, the plan to issue shares to increase capital to convert debt was not approved by shareholders. According to the plan, Bamboo Airways will issue 772 million shares, equivalent to a par value of VND 7,720 billion to restructure the loan, converting debts into shares according to the agreement between the creditor and the company. The expected issuance price and conversion ratio are VND 10,000 per share, equivalent to a ratio of 1:1, meaning that VND 10,000 of debt is converted into 1 additional issued share.

Along with that, Bamboo Airways also wants to issue an additional 185 million shares, equivalent to a par value of VND1,850 billion, to new investors. All of these additional shares will be offered to existing shareholders of the company according to their current ownership ratio at an expected issuance price of VND10,000/share. However, shareholders did not approve the above plan.

Bamboo Airways said it will hold its second extraordinary shareholders' meeting on May 9.

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