VMG sells entire stake to South Korean company

VMG Group on Thursaday announced it will sell its entire 62.25 per cent stock in VNPT EPAY to South Korean UTC Investment Company.

The transfer agreement is expected to be completed in 2017. After withdrawing its investment from e-commerce, VMG will continue to divest from the payment sector to focus on digital content – its main business in the past few years.

Established in 2008, VNPT EPAY has rapidly become one of the companies with continuously high growth rate in e- payment.

UTC Investment Company has managed seven investment funds with total value of US$100 million. It has been successful in investing in e-payment firms in South Korea. With UTC’s investment, VNPT EPAY will have opportunities to further develop its new payment services and expand its operation to foreign markets.

bizhub

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