Business

MobiFone urged to seek investors

Minister of Information and Communications Nguyen Bac Son has urged the MobiFone Telecommunications Corporation to seek capable strategic investors in its ongoing equitisation process.
MobiFone is in the equitisation process. The company represents some 26 percent of the domestic telecommunications market. (Source:dantri.com)

Hanoi (VNA) - Minister of Information and Communications Nguyen Bac Son has urged the MobiFone Telecommunications Corporation to seek capable strategic investors in its ongoing equitisation process.

Son told a ministerial meeting last week, that the equitisation of the company is an important issue which must be implemented with transparency to foster the country's general policy in restructuring State-owned enterprises.

Many international telecommunications firms from Australia, France, Malaysia and Singapore have expressed interest in a strategic partnership with the company in the past months, he said, without giving further details.

MobiFone has selected brokerage firm Ban Viet Securities as a consultant for its equitisation, while a draft plan has been made available and prepared to be presented to the ministry for assessment.

Son asked MobiFone to submit reports about the progress of the plan weekly to the Corporate Management Department, and monthly to ministry officials, for effective implementation.

MobiFone Chairman Le Nam Tra said that in the first 10 months of this year the company's profit has nearly reached the annual target while its turnover has grown by 7.8 percent year-on-year.

Last month, he said the firm planned to report 36.4 trillion VND (1.63 billion USD) in total revenue and 7.3 trillion VND (328.2 million USD) in profit in 2015.

In the first nine months, the company's total revenue reached 27.2 trillion VND (1.2 billion USD), bringing in a profit of 5.67 trillion VND (252.7 million USD).

By September, the company accounted for a market share of 26.11 percent or a year-on year growth of 1.6 percent. The number of new subscribers reached 11 million with a year-on-year increase of 94.7 percent.

According to the ministry, MobiFone currently has a charter capital of 15.3 trillion VND, or 680 million USD.

MobiFone's operator was rechristened the MobiFone Telecommunications Corporation from the Vietnam Mobile Telecom Services Company last December, after the firm was separated from the Vietnam Post and Telecommunications Group and was placed under the supervision of the Ministry of Information and Communications last year.-VNA

VNA
#strategic investors #equitisation process #MobiFone #Ban Viet Securities #market share
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