Japan’s ANA Holdings Inc (ANA Group) has successfully completed the purchase of 8.77 per cent of Vietnam Airlines’ stake and officially become a strategic shareholder of the national flag carrier.

Vietnam Airlines is expected to hold the 2016 shareholders meeting earlier than September 30 in order to elect ANA Holdings Inc to the board and adopt a plan to increase charter capital by issuing additional shares offered to its existing shareholders.

ANA Group’s entrance as official shareholder marks great significance for Vietnam Airlines’ long-term development, the airline said.

“Given its extensive co-operation in various fields, together with the participation of the world’s leading airline in management, Vietnam Airlines will be provided with a firm foundation to launch its fleet renewal program by adding new-generation aircrafts, expanding markets, and improving the quality and efficiency of services and operations,” the airline said in a statement.

After completing the share transaction to ANA Group, Vietnam Airlines will continue to look for potential financial investors to issue additional shares in order to increase its charter capital and reduce the State’s share to 75 per cent.

This percentage is set to fall to 65 per cent under the company’s restructuring plan.