Illustrative image (Source: Viettel Post) Hanoi (VNS/VNA) — Military-run telecom giant Viettel plans to divest a 6 percent stake in its affiliate Viettel Post Joint Stock Corporation (VTP) via a public auction at the Hanoi Stock Exchange in November.
The information was announced by Viettel Post during a meeting with analysts late last week, VietnamBiz reported.
At the event, representatives from some investment funds said the 6 percent divestment was much lower than the expected 16 percent announced earlier.
According to Viettel, the divestment will be carried out following the group’s roadmap to ensure the benefits of investors. The next divestment roadmap will be implemented in the new restructuring period of Viettel, between 2021 and 2025.
A Viettel representative revealed the group plans to list VTP shares on Ho Chi Minh City Stock Exchange to ensure better liquidity of the shares. The share listing on Vietnam’s main exchange is expected to be conducted in 2021 – 2025.
Earlier, Viettel announced it would divest from three of its member units listed on the stock market including Viettel Post Joint Stock Corporation (VTP), Viettel Construction Joint Stock Corporation (CTR) and Viettel Consultant and Design Joint Stock Company (VTK).
Currently, Viettel owns 68.08 percent of the charter capital of Viettel Post, 63.12 percent capital in Viettel Construction and 68 percent equity of Viettel Consultant and Design./.
