Ad behemoth WPP acquires stake in local firm

Global marketing communication giant WPP announced it has acquired a 20 percent stake in local firm Smart Media in a bid to expand its presence in the market.

Smart Media would get access to its resources and clients, WPP said in a statement without disclosing how much it paid for the acquisition.

“The investment in Smart Media clearly demonstrates WPP’s commitment to Vietnam and digital Media,” Scott Spirit, director of strategy, WPP Digital, Asia-Pacific, said in the statement.

“This venture will generate multiple opportunities for WPP companies operating here.”

Smart Media was set up last year by the privately-owned GoldSun together with the state-owned Vietnam Posts and Telecommunication Group, Vietnam Television, Vietnam Mobile Telecom Services Co. and Vietnam Post Corporation.

In 2008 WPP acquired 30 percent in three subsidiaries of Datviet VAC Group Holdings.

Its affiliates in Vietnam are Bates141 and Ogilvy.

Vietnam’s advertising market is forecast to grow 16.6 percent this year to US$681 million, according to WPP.

Minh Quang

thanhnien

>   Listed companies reporting losses (14/02/2009)

>   26/02/2009, record date for bond coupon payment QHB0811018 (13/02/2009)

>   24/02/2009, record date for bond coupon payment CP4A1504 (13/02/2009)

>   24/02/2009, record date for bond coupon payment TP1_0306, TP1A0505 (13/02/2009)

>   CAP: Notice of record date for Annual General Meeting (13/02/2009)

>   DC4: Notice of record date for Dividend Payment (13/02/2009)

>   STP: Notice of record date for 2009 annual general meeting of shareholders (13/02/2009)

>   NBC: Notice of further delay in submission of financial statement (13/02/2009)

>   TDN: Resolution of the General Meeting of Shareholders (13/02/2009)

>   TNG: Explanation for fluctuation of operating result in Quarter IV2008 (13/02/2009)