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NEWS: VNPT seeks to earn USD5.4m by divesting 8.52% stake in Saigon Postel

Telecommunications (VNPT) expects to earn VND123.4 billion (USD5.4 million) by selling an 8.52% stake in Saigon Posts And Telecommunications Service Joint-Stock Corporation (Saigon Postel Corp) on May 25.

According to an announcement, the state-run telecommunications major will offer over 10.25 million Saigon Postel shares for sale at a starting price of VND12,038 (USD0.5) apiece. Founded in 1995 with a chartered capital of VND50 billion (USD2 million), Saigon Postel Corp started to provide postal services under the Saigon Post brand a year later. In 1997, the company provided Internet service with SaigonNet brand. In 2016, the company officially launched online shopping site S- buu.vn. It is also engaged in the construction, manufacture, trading, and maintenance of telecommunication equipment; and provision of content, including the latest news on the economy, entertainment, education, and sports. The Ho Chi Minh City-based company now has a charter capital of VND1.2 trillion (USD52.7 million).

VNPT in February announced the sale of its finance subsidiary, Post and Telecommunication Finance Company Limited (PTF). Hanoi-headquartered Southeast Asia Commercial Joint Stock Bank (SeAbank) was the winner in that auction which had a starting price of VND500 billion (USD22 million). The value of the transaction, however, was not disclosed. At the end of December 2017, VNPT Group officially announced the auction of PTF as part of its plan to divest non-core businesses and in the run-up to its equitization by 2019. The group will accelerate restructuring this year towards equitization by 2019, Deputy Minister of Information and Communications Pham Hong Hai said.

Under the restructuring plan, VNPT’s key businesses will include telecommunications, information technology, multimedia and digital services, consultancy, design, installation, exploitation, maintenance, repair and lease of telecommunication and information technology constructions and equipment. VNPT’s 2017 total revenue stood at VND144.7 trillion (USD6.36 billion), an increase of 7% year-on-year, while its profit reached over VND5 trillion (USD220 million), up 21% year-on-year.

Source: https://www.dealstreetasia.com