Viettel to sell 11 percent stake in Viettel Construction hinh anh 1Illustrative image (Photo: CTR)
Hanoi (VNS/VNA) - Military-run telecom giant Viettel plans to divest an 11 percent stake in its affiliate Viettel Construction Joint Stock Corporation (CTR) via a public auction at the Hanoi Stock Exchange on December 7.

The offered stake is equivalent to 7.7 million shares at CTR.

The starting price for CTR is 43,100 VND (1.85 USD) per share, 10 percent lower than the current market price.

If the auction is successful, Viettel will reduce its ownership in CTR from 73.22 percent to 52.22 percent.

CTR is trading on UPCoM, with a market price of more than 51,400 VND and market capitalisation of nearly 3 trillion VND.

The firm is the largest operator of the infrastructure network in Vietnam. In 2019, while other units in the industry had declining business results, CTR grew thanks to the promotion of construction activities.

In the first nine months, CTR’s revenue and post-tax profit reached 4.2 trillion VND and 168 billion VND, respectively, up 15 percent and 35 percent from the same period in 2019. With this result, CTR has fulfilled 85 percent of its profit plan.

According to the company’s plan by 2025, CTR’s revenue will reach 11.5 trillion VND and profit will total 518 billion VND.

Last year’s consolidated revenue and post-tax profit reached 5 trillion VND and 181 billion VND, respectively, up 18 percent and 23 percent year-on-year.

CTR aims to expand the provision of construction operation services in foreign markets, developing solutions in smart energy for telecommunications as well as other industries./.