Tech group CMC partners with Samsung's IT arm hinh anh 1A CMC data centre (Photo courtesy of CMC)
Hanoi (VNS/VNA) - Technology group CMC will sell 25 million shares to an arm of Samsung SDS, a subsidiary of the Korean tech giant Samsung Group.

CMC hopes the shares will be sold for at least 30,000 VND (1.29 USD) per share, the company would raise 750 billion VND (32.25 million USD) from the deal.

Sixty percent of the capital raised, or 450 billion VND, will be invested in CMC’s member companies.

The remaining capital will be spent improving the firm’s infrastructure and facilities.

The buyer could be either Samsung SDS Co Ltd or Samsung SDS Asia Pacific Pte Ltd. Both are members of Samsung SDS, which is the IT and logistics arm of the Samsung Group.

Samsung SDS will own a 25 percent stake in CMC’s capital after the deal.

CMC is listed on the Ho Chi Minh Stock Exchange with the code CMG.

The company shares inched up 0.5 percent on July 11 to close at 37,400 VND per share.

CMC's shares have gained 77 percent in the last eight months, bringing the group’s market value to 2.68 trillion VND as of the end of trading on July 11.

CMC and Samsung SDS started cooperating in 2016. In June 2018, the two sides agreed CMC would develop a management and operation system for more than 200 Samsung factories in Vietnam.

In late May 2019, Samsung SDS and CMC signed agreements on the provision smart factory, cloud, cyber security and blockchain solutions.

The agreement demonstrated the quality of Vietnamese technology businesses as the country strives to take full advantage of Industry 4.0.

The deal is part of CMC’s effort to achieve 1 billion USD in revenue by 2023.

According to Samsung SDS Chairman and CEO Won Pyo-hong, CMC may help the Korean firm expand its business in Vietnam and Southeast Asia.

“The cooperation between CMC and Samsung SDS will offer a great value in the development of the digital economy for Vietnam and help the country reach out to the Asia-Pacific and global markets,” CMC Chairman Nguyen Trung Chinh said.

In early April, CMC launched the first open ecosystem for enterprises in Vietnam to help hasten the digital transformation among local companies and government agencies, which has been a priority for the Government.

In March, CMC raised 300 billion VND from issuing corporate bonds to the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV).-VNS/VNA