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EVNTelecom asks for government’s approval to sell 12pct stake for VTC

EVN Telecom, a subsidiary of state-owned Electricity of Vietnam (EVN), is submitting to the government a plan to sell its stake to Vietnam Multimedia Corp or Vietnam Television Corp (VTC), the local newswire Bao Dau Tu (Investment) reported.

Initial information said that EVNTelecom will sell 12% stake to VTC. VTC plans to spend an amount of 800 billion dong on this deal.

In January 2011, the government agreed the plan to make privatization for EVNTelecom whereby EVNTelecom will sell a part of state holding to strategic investor and offer preferential shares to the employees. Of which, EVN will hold 50.6% stake, 0.4% stake will be held by the employees and 49% stake for FPT Co and FPT Telecom Joint Stock Co (FPT Telecom).

However, FPT would like to hold 60% stake in EVNTelecom, therefore, FPT withdrew this deal although the group had already deposited over 700 billion dong for this trade deal. Presently, FPT is not sure when to take back the deposit.

EVNTelecom manages and develops mobile and fixed phone services and internet. Currently, EVNTelecom has over 4.7 million subscribers including both fixed phone users. EVNTelecom’s 3G network has been covered in 63 provinces and cities but it is only providing basic services in HCM City, Hanoi, Hai Phong, Da Nang and Can Tho.

From VietNamBusiness

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