VNPT to divest 8.52% stake in Saigon Postel
The Vietnam Posts and Telecommunications (VNPT) expects to raise VND102.5 billion (US$4.5 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 (US$0.5) apiece.
VNPT to divest 8.52% stake in Saigon Postel.
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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 (US$52.7 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 (US$22 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 aims that by 2020, the average turnover growth of at least 6.5% per year and annual average profit increase of at least 10.8%. For period 2021 - 2025, the average turnover growth rate will be over 7.7% per year, while the annual average profit increase exceeds 11% per year.
It is expected that by 2020, the return on equity (ROE) of VNPT is equal to other corporations operating in the same field. In particular, the equitization process of VNPT must be completed in 2019 will be carried out after the restructuring plan, which has been submitted to the Ministry of Information (MIC) and Communications and the Prime Minister.
The group earned revenue of VND144.7 trillion (US$6.36 billion) in 2017, rising by 7% over the previous year. Its pre-tax profit reached VND5.1 trillion (US$224.4 million), up by 21%. VNPT paid more than VND4 trillion (US$176 million) to the State budget in 2017, up by 9.3%. It has 34.1 million mobile subscribers and 4.6 million broadband subscribers by the end of 2017.
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