"Mysterious factor" Le Thai Sam and the "final move" to increase capital by 30,000 billion VND
On the morning of May 9, Bamboo Airways Joint Stock Company held an extraordinary general meeting of shareholders (AGM) in Hanoi. Unlike the first extraordinary general meeting of shareholders held on April 10, this time, all the contents and reports of the Board of Directors, and proposed plans were "finalized" by shareholders quite quickly.
Mr. Le Thai Sam, member of the Board of Directors of Bamboo Airways - the largest shareholder of Bamboo Airways
In particular, with a consensus rate of more than 99% when voting, the congress approved the plan to issue private shares to increase charter capital.
Accordingly, Bamboo Airways will issue 1.15 billion individual shares, with a par value of VND10,000/share, equivalent to a par value of VND11,500 billion. After the successful issuance, Tre Viet's charter capital will reach VND30,000 billion.
The notable point at the 2nd General Meeting of Shareholders is the role of Mr. Le Thai Sam, member of the Board of Directors of FLC Group as well as Bamboo Airways.
Quick view 8:00 p.m. May 9: Tycoon buys Bamboo Airways shares
Before the extraordinary shareholders' meeting took place, on May 8, the Board of Directors of FLC issued a resolution announcing the agreement to transfer all Bamboo Airways shares that FLC is holding to Mr. Le Thai Sam (FLC holds 400 million shares of Bamboo Airways, equivalent to 21.7% of charter capital).
With 231.74 million shares he holds (equivalent to 12.53% of the company's charter capital), Mr. Sam becomes the largest shareholder owning 631.74 million Bamboo Airways shares (equivalent to 34.23% of charter capital).
Mr. Nguyen Ngoc Trong, Chairman of Bamboo Airways, voted at the General Meeting of Shareholders on the morning of May 9.
In addition to Mr. Sam, at the meeting, shareholders asked: Who are the major shareholders of Bamboo Airways and who are the founding shareholders of this airline? This is a question that has long been of particular interest to the public and has not been clarified since former Chairman Trinh Van Quyet was involved in legal trouble.
However, the congress's presidium, especially Mr. Nguyen Ngoc Trong, Chairman of Bamboo Airways, answered quite frankly. Mr. Trong said that Mr. Trinh Van Quyet was the sole founding shareholder of this airline. The next two people who played an important role in the early days of Bamboo Airways' establishment were Mr. Trong himself and Ms. Vu Dang Hai Yen (Vice Chairman of the Board of Directors of FLC Group). "The sole founding shareholder is Mr. Quyet, and both myself and Ms. Yen are salaried employees," Mr. Trong emphasized.
Regarding the current major shareholder structure, Mr. Nguyen Khac Hai, Deputy General Director of Bamboo Airways, added that former Chairman Trinh Van Quyet owns more than 10%; Mr. Sam 12.53% (if including FLC shares of more than 21.7% transferred to 34.23%); National Citizen Commercial Joint Stock Bank (NCB) about 10 - 11%; the rest are other shareholders.
Mr. Dang Tat Thang is no longer involved with Bamboo Airways.
Another shareholder also questioned the role of Mr. Dang Tat Thang, former Chairman of Bamboo Airways, who often appears in the media associated with the airline's brand. Is Mr. Thang a founding shareholder and has any connection to Bamboo Airways?
Shareholders vote at Bamboo Airways' extraordinary general meeting of shareholders on the morning of May 9
Mr. Nguyen Ngoc Trong said that after establishing and putting Bamboo Airways into operation, a number of FLC Group officials, including Mr. Dang Tat Thang, were sent to support.
"We must acknowledge that Mr. Dang Tat Thang also played a role in the early days of founding Bamboo Airways with us. Mr. Thang, like us, were employees working for Bamboo, working for the group, assigned by the boss, Mr. Trinh Van Quyet. That was Mr. Dang Tat Thang's role. The only founding shareholder (Bamboo Airways) was Mr. Trinh Van Quyet, the next two people who accompanied us in the early days until the birth of Bamboo Airways were me and Ms. Vu Dang Hai Yen," Mr. Trong affirmed.
Regarding the role of new investors, Mr. Trong said that the desire of the Board of Directors of Bamboo Airways is to find potential investors, but more importantly, those who share the same vision of making Bamboo Airways a quality airline brand in the region and internationally.
"During the most difficult time more than a year ago, we were fortunate to receive support from a new investor, a group of investors advised by Mr. Duong Cong Minh. It can be said that without the "commitment" of the new investor, Bamboo Airways would have had to face the thorny problem of survival," Mr. Trong shared.
More information about the success of the special shareholders' meeting, especially the capital increase to 30,000 billion VND, according to Mr. Trong, this event sends a positive signal showing that, after countless difficulties, Bamboo Airways is still receiving the attention, trust, and support of many dedicated shareholders. This is also a great source of motivation for the Board of Directors to strive to optimize the management plan and use of new capital for the airline's operations.
"The core principle in all activities of Bamboo Airways is always to protect the maximum legitimate rights and interests of shareholders, partners, and investors," said Mr. Trong.
Q1/2023, revenue exceeded 53% of plan, nearly reaching break-even point
We have received a lot of good news since the beginning of the year. With a fleet of only 30 aircraft, Bamboo Airways' revenue in the first quarter of 2023 exceeded the plan by 53%, bringing the airline close to breaking even. This is a very proud effort, in the context of continuously rising fuel prices, as well as fluctuating USD exchange rates, while the international aviation market has not fully recovered from the pandemic.
Regarding the goals, in the immediate future, in 2023, Bamboo Airways will strive to reduce losses to a minimum, aiming to balance revenue and expenditure in 2024, and start making profits thereafter. To serve this orientation, Bamboo Airways plans to increase the size of its fleet to 100 aircraft in the period 2028 - 2030 depending on conditions, along with corresponding investment in infrastructure. (Mr. Nguyen Ngoc Trong, Chairman of the Board of Directors of Bamboo Airways)
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