SGT: SAIGONTEL contributes money to set up a company

Saigon Telecommunication & Technologies Corporation (SAIGONTEL) has announced information on its contribution in a new company as follows:

- Company name: VTC-SaigonTel Media Corporation (VSM Corp.)

- Head office: 34 Phan Dinh Phung, Quan Thanh Ward, Ba Dinh Dist., Hanoi.

- Charter capital: VND160 billion.

VSM Corp. is set up by:

1. SAIGONTEL: contributing 51% charter capital of VSM Corp.;

2. Vietnam Multimedia Corporation (VTC): contributing 29.8% charter capital of VSM Corp.;

3. Kinh Bac City Development Share Holding Corp.: contributing 19.2% charter capital of VSM Corp.. 

VSM Corp. mainly operates in producing TV programs on VTC’s analog channel with economic and financial news and entertainment progams.

Total revenue from advertising on TV in Vietnam currently is estimated over US$400/year.

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