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PM directs equitisions in VTV's companies
Prime Minister Nguyen Tan Dung has directed the implementation of the restructuring plan for Vietnam Television companies.
Under the instruction, Vietnam Television (VTV) will continue to represent the State's shares at Viet Nam Satellite Digital Television (VSTV) , known more commonly as K+.
VTV will transfer its capital at Smart Media JSC to the Viet Nam Television Cable Corporation (VTVcab), increasing the state's capital at VTVcab.
Prime Minister Dung has also asked VTV to equitise VTVcab in the first quarter of 2016. After the equitision, the State will hold 51 per cent of VTVcab's share.
VTV will also sell a part its share in the Saigon Tourist Cable Television Limited Company (SCTV), the guideline said.
VTVbroadcom limited company will be equitised this year. Of which the State may hold under 50 per cent of shares or sell its entire shares at this company.
On September last year, VTV announced it would divest its holdings in three pay TV units including VTVcab, SCTV and VSTV.
After divesting from VTVcab, as well as SCTV and VSTV, VTV will only take over the supervision of broadcasting content, said Tran Binh Minh, VTV's General Director.
VTVcab, wholly owned by VTV and launched in 2005, became the largest TV supplier in Vietnam and provides services in more than 60 provinces.
While SCTV is a wholly state – owned joint venture between VTV and the Saigon Tourist Corporation, was established in 1992.
VSTV is a joint venture of VTV and France's communication group CanalPlus by a 51 : 49 ratio. It also becomes the exclusive broadcaster of a series of world football leagues in Viet Nam.
Smart Media, established in February 2008, jointly founded by key government bodies: Vietnam Posts and Telecommunication Group (VNPT), VTV, Vietnam Mobile Telecom Services Co. (VMS), and Vietnam Post Corporation (VNPost) as well as the privately owned GoldSun.
While VTVbroadcom, established in 2010, is wholly owned by VTV.
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