|
VTVcab expects to acquire $261 million from IPO
Cable television provider Vietnam Television Cable Corporation (VTVcab) will put 42.3 million shares on sale at its initial public offering (IPO) with the expectation of acquiring VND5.96 trillion ($261.48 million) from the deal.
The Hanoi Stock Exchange recently released information about VTVcab’s IPO. Accordingly, it will offer 42.3 million shares, equalling a 47.84 per cent stake, on sale at the initial price of VND140,900 ($6.18). With the initial price, VTVcab is valued at VND12.45 trillion ($546.2 million).
According to the equitisation plan, after the IPO, the state will still hold 51 per cent in the firm.
The cable television provider was founded in 2012 under the direct management of Vietnam Television. The company mainly provides pay-TV services, advertisements, and wired telecommunication services.
Launched in 2012, it has become one of the country’s largest pay-TV players in terms of subscribers and service range, broadcasting 200 channels in cooperation with other television service providers. VTVcab is also involved in digital, customised, and Internet TV services.
It currently operates three subsidiaries, four affiliated companies, and 70 branches in 50 cities and provinces nationwide. It currently serves 2.5 million customers every year.
In 2016, VTVcab reported VND2 trillion ($87.7 million) in revenue and VND68.5 billion ($3.01 million) in after-tax profit, signifying increases of 11.3 and 5 per cent, respectively.
By the end of 2016, VTVcab’s payable debt is estimated at VND1.9 trillion ($83.4 million), including short-term debts of VND1.3 trillion ($57.03 million), which exceeds the company’s short-term asset value by more than VND500 billion ($21.9 million) million), causing concerns over VTVcab’s liquidity.
According to plan, the company expects to earn VND2.95 trillion ($129.4 million) in revenue this year and the figure will increase to VND4.46 trillion ($195.67 million) by 2022.
Meanwhile, the firm’s profit is expected to increase from VND74 billion ($3.24 million) in 2018 to VND116 billion ($5.08 million) in 2021. In 2022 alone, profits will reach VND283 billion ($12.4 million), 1.4 higher than in 2021.
vir
|
