European Fashion and Cosmetics JSC has recently registered to sell 667,000 SAS shares of Tan Son Nhat Aviation Service Joint Stock Company (Sasco). The purpose of this sale is to balance their investment portfolio.
Billionaire Johnathan Hanh Nguyen. Photo: Forbes.
If the upcoming transaction is successful, European Fashion and Cosmetics JSC’s ownership in Sasco will decrease from 20.5 million shares to 19.8 million shares, equivalent to 14.9% of the charter capital.
Similarly, Duy Anh Trading JSC also sold 667,000 SAS shares of Tan Son Nhat Aviation Service JSC, also for portfolio balancing purposes. Following this transaction, Duy Anh Trading JSC’s ownership percentage in Sasco decreased to 1.71% of the charter capital.
Notably, both European Fashion and Cosmetics JSC and Duy Anh Trading JSC are related to the couple Johnathan Hanh Nguyen and Le Hong Thuy Tien.
Johnathan Hanh Nguyen and his wife joined Sasco in 2014 when the enterprise was privatized. As of December 31, 2024, Mr. Nguyen’s group held 47.5% of Sasco’s charter capital.
Currently, Johnathan Hanh Nguyen serves as the Chairman of the Board of Directors of Tan Son Nhat Aviation Service JSC,
while Le Hong Thuy Tien is a member of the Board of Directors of Sasco.
Sasco’s duty-free store revenue reached VND 223 billion, second only to the lounge business. Photo: SAS.
In the first quarter of this year, Sasco recorded a revenue of VND 764 billion, a 12% increase compared to the same period last year. Notably, the lounge business surpassed the duty-free business to become the largest contributor with nearly VND 229 billion, a 29% increase year-on-year. The duty-free store revenue reached VND 223 billion.
After deducting expenses, Sasco’s after-tax profit was VND 113 billion, nearly 2.5 times higher than the first quarter of 2024. According to Sasco’s explanation, the profit growth was due to the recovery of the aviation industry, especially the Chinese market, with a total passenger increase of up to 78%.
As of March 31, 2025, Sasco had total assets of VND 2,499 billion. Currently, Sasco has owner’s equity of VND 1,752 billion, retained earnings of VND 413 billion, and no bank loans.
