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VNPT to sell all shares of MSB
The Vietnam Posts and Telecommunications Group (VNPT) has registered to sell the entire 71.58 million shares or 8.95 per cent stake of the Maritime Commercial Joint Stock Bank (MSB).
VNPT submitted the registering file to the State Securities Commission for the sale on September 25 at the starting price of VND11,700 (US$0.52) each.
The price was three times higher than the price of MSB traded on the over-the-counter market. If the transaction is successful, VNPT will collect at least VND837 billion ($37.2 million) from the divestment.
The sale was included in VNPT's implementation of the Government's Decision No 888 to restructure the State-owned group. The decision regulated that the group divest all capital from its non-core business.
Thus, besides MSB, the group will have to divest entirely in 62 companies including Bao Minh Insurance Company, 58 joint stock companies and limited companies, and four investment funds.
Up to now, the telecommunications group has divested over VND701 billion ($31.15 million) and still has other divestment plans worth more than VND1.5 trillion ($66.6 million) in 63 other companies by the year-end, VNPT's general director Pham Duc Long said.
VNPT, reaching $297 million in profit and $4.75 billion in revenue in 2014, was among the three largest telecommunications groups in Viet Nam. The other two were Viettel and MobiFone.
Currently, VNPT has 30.5 million subscribers, of which 4.5 million are landline users and the rest are mobile users.
Also under the government's plan to restructure the State-owned group the first and third largest mobile operators, the Viettel Group and MobiFone were also selling their stakes in non-core businesses.
MobiFone has been selling shares in Tien Phong Bank and South-east Asia Bank, while Viettel has been selling shares in five joint stock companies.
The complete divestment of the three groups was planned to be done this year.
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