Viettel Global to float 2.24 billion shares on UPCoM
With the starting price of VND15,000 (US$0.64) per share, Viettel Global would be valued at around VND33.65 trillion (US$1.45 billion).
Viettel Global, the international investment arm of the military-run Viettel Group, is expected to trade 2.24 billion shares on the Unlisted Public Company Market (UPCoM) on September 25, the VietnamFinance reported.
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Viettel Global was established at the end of 2016 with charter capital of VND960 billion (US$41.22 million), of which Viettel Group currently holds 98.68%.
Viettel Global is the only Vietnamese company having revenue of over US$1 billion from investments abroad. Total number of customers using Viettel's services in foreign markets is estimated at 43 million by the end of 2017, up 15% year-on-year.
The company's consolidated revenue in 2017 reached VND19 trillion (US$815.69 million), up 24% year-on-year, and posted a pre-tax profit of VND27 billion (US$1.18 million).
In 2018, it targets a positive profit in overseas investment with a growth rate of 32% compared to 2017, while expanding its customer base in foreign markets to 50 million.
Viettel Global is operating in 11 countries, including Vietnam, Cambodia, Laos, Timor East, Peru, Mozambique, Cameroon, Burundi, Tanzania and Myanmar.
At the annual general meeting in June, shareholders of Viettel Global approved a plan to increase the company's charter capital to VND30.43 trillion (US$1.3 billion) by issuing 800 million shares with a price of VND10,000 (US$0.43) apiece to its parent company through private placement.
The amount would be used for investment projects of Viettel Global until 2020, while the 800 million shares will not be transferable in one year.
With annual growth of 10-15% by 2020, Viettel Group sets revenue target of VND350 trillion-VND400 trillion (US$15.4-US$17.6 billion USD), a pre-tax profit of VND50-55 trillion (US$2.18 - 2.4 billion) and becoming one of the top 10 telecom firms in the world.
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Read The Hanoi Times to stay up to date on developments in Vietnam.
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