Viettel to sell part of subsidiary to finance expansion
Viettel to sell part of subsidiary to finance expansion
Viettel Group is planning to sell a part of its stake in subsidiary Viettel Global Investment JSC (Viettel Global).
The sale aims to increase Viettel Global’s chartered capital by VND10 trillion ($461.8 million) and is meant to finance the expansion of its operations in eight new markets.
Being in charge of the implementation and management of Viettel Group’s overseas projects, Viettel Global has the total chartered capital of VND12.4 trillion ($572.6 million) at present, with Viettel Group currently owning a 97.58 per cent stake.
Over the 2015-2017 period, Viettel Global plans to invest VND47.5 trillion ($2.2 billion) in eight new markets. The combined population of Viettel’s markets is going to be 350 million, jumping to almost triple of the current figure.
At present, Viettel Global is present in eight countries, namely Laos, Cambodia, East Timor, Mozambique, Cameroon, Burundi, Tanzania and Haiti.
In 2014, Viettel Global’s assets and equities were recorded at VND33.5 trillion ($1.5 billion) and VND15.8 trillion ($727.7 million), respectively. It reaped the revenue of VND14.2 trillion ($655.8 million), a boost of 27 per cent compared to VND11.2 trillion ($517.2 million) in 2013, and the pre-tax profit of VND2.97 trillion ($137.1 million), an increase of 43 per cent compared to VND1.96 trillion ($90.5 million) in 2013.
In January, Viettel Global established a telecommunications company in Myanmar with the registered capital of $1.8 billion, which Viettel Global put forward approximately $800 million and its foreign partners about $1 billion.
In March, Metfone, a Viettel branch in Cambodia, officially acquired the assets and telecommunication licences of Beeline Telecommunication Company, one of the largest mobile service providers in Cambodia.
