Saigontel shares rise to 4 1/2-month high on stake sale plan

Saigon Telecommunication & Technology Corporation (SGT) Thursday rose to a 4 1/2-month high after Kinh Bac City Development Share Holding Corporation said it planned to boost its stake in the Internet and software services company.

SaigonTel, as the company is known, climbed for the 12th straight trading day, advancing 4.9 percent to VND27,600, the highest since December 31, on the Ho Chi Minh Stock Exchange.

Kinh Bac, Vietnam’s biggest property developer by market value, registered to buy almost 1.3 million shares, which will boost its stake to 22.3 percent, or 13 million shares, Ho Chi Minh City-based SaigonTel said in a statement on the exchange’s website after the market closed Wednesday.

thanhnien, bloomberg

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