Announcement of the new Chairman to replace Mr. Trinh Van Quyet to run FLC, Bamboo Airways

Mr. Dang Tat Thang was previously also the CEO of Bamboo Airways.

A representative of the Transport Department, Civil Aviation Administration of Vietnam, said that the Bamboo Airways air transport business license was last amended on February 3, 2021. Accordingly, the legal representative is General Director Dang Tat Thang.

Bamboo Airways' charter of carriage also states that the individual Chairman of Bamboo Airways, specifically billionaire Trinh Van Quyet, will not have the right to decide on the company's development strategy, business development plan, as well as business development plan. aircraft fleet development plan. The legal representative, Mr. Dang Tat Thang, will be in charge of all.

Mr. Dang Tat Thang, who is currently Vice President of FLC and Bamboo Airways, takes over the role of president in both businesses from today. This information has just been announced by FLC Group Joint Stock Company on the morning of March 31. Mr. Dang Tat Thang was previously also the CEO of Bamboo Airways.

Mr. Trinh Van Quyet is the largest shareholder in FLC Group with more than 30% of capital. He and his relatives are also one of the shareholders of Tre Viet Aviation Joint Stock Company (Bamboo Airways). Mr. Dang Tat Thang currently does not own any shares in FLC.

Dang Tat Thang was born in 1981, graduated with a Master's degree in Construction and Project Management from Northumbria University (UK). He has been the leader of Bamboo Airways since conducting the establishment procedures until now.

Besides aviation, Mr. Thang also has extensive experience in operating and managing many important areas of FLC, especially in the field of investment and project development. Currently, he continues to be in charge of FLC's investment segment in many key markets, with many projects being researched for investment and legal promotion.

With experience in management, operating under FLC is "effective and diverse", Mr. Dang Tat Thang will accompany to continue to ensure that the business activities of FLC and Bamboo Airways are stable, in accordance with the goals and plans. set by the Board of Directors and the Board of Directors.

Regarding the shareholder rights of FLC Group, corresponding to all shares owned by billionaire Trinh Van Quyet in FLC Group, it is authorized for Ms. Vu Dang Hai Yen to perform according to the Power of Attorney signed on March 28.

Dang Tat Thang was assigned to be the Chairman of the Board of Directors in accordance with the Law on Enterprises and the provisions of Clause 5, Article 29 of the FLC Group Charter in the case "Chairman of the Board of Directors" of FLC Group said. If detained, the Vice Chairman of the Board of Directors shall hold the position of Chairman of the Board of Directors until a new decision of the Board of Directors is issued.

Regarding the charter capital of Bamboo Airways, FLC Group contributes 51% (VND 3,586 billion), billionaire Trinh Van Quyet contributes 40% (VND 2,800 billion), other shareholders 8.7% (VND 610 billion). FLC Chairman Trinh Van Quyet currently holds about 30% of FLC's shares, if including this capital contribution, billionaire Trinh Van Quyet is contributing about 3,800 billion VND to Bamboo Airways (equivalent to 51.2%). The rest is about 48% of the 7,000 billion VND (according to the Business License), equivalent to more than 3,000 billion VND.

According to the provisions of Decree 89, the minimum capital to maintain the operation of airlines with 30 or more aircraft is 700 billion VND. That is, even if the capital contribution of FLC Chairman Trinh Van Quyet is not included, the remaining amount is still enough to meet the requirements as prescribed.

Bamboo Airways is operating 29 aircraft. By December 5, 2022, there will be 1 A319 aircraft that will end the lease contract. The other ships all end their contracts in 2024, 2025 and beyond.

Currently, the Civil Aviation Authority of Vietnam has not received any documents from the aircraft leasing organization as well as the authorized organization requesting to suspend the operation of Bamboo Airways' aircraft. Before Mr. Trinh Van Quyet was prosecuted and arrested on March 29 for "manipulating" and "hiding securities information", the FLC Board of Directors had 5 people, including 1 chairman, 2 vice presidents and 2 members. pellets.

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