Saigon Ground Services Joint Stock Company (SAGS, stock code SGN) has just organized an extraordinary General Meeting of Shareholders in 2024 to orient the Company’s production and business activities in the near future, specifically bidding for Long Thanh International Airport.
Specifically, based on the Bidding Documents issued by the Vietnam Aviation Authority on October 11, 2024, regarding the “Project for Investment in Construction and Business of Repair and Maintenance Services for Means, Aviation Equipment and Commercial Technical Ground Services at Long Thanh International Airport”, on November 26, 2024, the Company approved the plan. shareholder to participate in the above project.
Accordingly, SGN will team up with Hanoi Ground Services Joint Stock Company (HGS) to bid for the above project. Accordingly, SGN will participate as the leading member of the joint venture, contributing 75% of the capital, while HGS will contribute 25%.
The total investment capital of the SGN and HGS joint venture to participate in the bid is at least VND 781 billion and must not exceed VND 798 billion. The Company authorizes the SGN Board of Management to decide on the joint venture’s content agreement with HGS to ensure a successful bid for the project.
At this Congress, the Company’s shareholders also approved the policy on continuing to negotiate and sign a contract to provide full ground handling services with Vietjet Aviation Joint Stock Company (stock code VJC) with a contract value of more than 35% of the total assets. value stated in the Company’s latest published financial statements.
Long Thanh International Airport Project
The Long Thanh Airport Project, located in Long Thanh District, Dong Nai Province, has a total investment of over USD 16 billion, divided into 3 phases: Phase 1 (completed in 2026): Achieve a capacity of 25 million passengers/year, with an investment of USD 5.45 billion. Phase 3 (after 2035): Achieve a capacity of 100 million passengers/year, making Long Thanh Airport the largest airport in Vietnam. The project not only contributes to improving aviation infrastructure but also plays an important role in making Vietnam a regional aviation transportation hub.
Currently, the project is being accelerated, and it is expected to complete the project and welcome the first commercial flight in September 2026.
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