Vietnam’s government has granted approval for the Singapore government’s investment arm Temasek Holdings to buy a 30% stake in Vietnam’s second largest carrier Pacific Airlines.
A source in Pacific’s flight operations department says the government has granted approval for Temasek to buy the 30% stake from Vietnam’s finance ministry, although the agreement has yet to be consummated.
Following the deal, Pacific will remain a full-service carrier, says the source, adding that Pacific has just agreed to lease two Boeing 737-400s from GE Commercial Aviation Services (GECAS). “The aircraft will be delivered next year – January and May – but the contract is not signed yet. The contract has been drafted and I think that in two weeks everything will be cleared,” says the source.
This will increase Pacific’s fleet to five aircraft as it already has two 737-400s on wet-lease from Indonesian carrier Lion Air and one Airbus A320 on dry-lease from Pegasus Aviation of the USA. Pacific plans to use the additional 737-400s to launch scheduled services linking Ho Chi Minh City to Bangkok in Thailand and Siem Reap in Cambodia, says the source.
National carrier Vietnam Airlines formerly owned 86.5% of Pacific Airlines, but in January gave its stake to Vietnam’s finance ministry, which was tasked with restructuring Pacific and improving its finances.
LEITHEN FRANCIS/SINGAPORE
Source: Flight International
