Viettel to sell 11 per cent stake in Viettel Construction (CTR)
Viettel to sell 11 per cent stake in Viettel Construction (CTR)
Military-run telecom giant Viettel plans to divest an 11 per cent stake in its affiliate Viettel Construction Joint Stock Corporation (CTR) via a public auction at the Ha Noi Stock Exchange on December 7.
The offered stake is equivalent to 7.7 million shares at CTR.
The starting price for CTR is VND43,100 (US$1.85) per share, 10 per cent lower than the current market price.
If the auction is successful, Viettel will reduce its ownership in CTR from 73.22 per cent to 52.22 per cent.
CTR is trading on UPCoM, with a market price of more than VND51,400 and market capitalisation of nearly VND3 trillion.
The firm is the largest operator of the infrastructure network in Viet Nam. 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 VND4.2 trillion and VND168 billion, respectively, up 15 per cent and 35 per cent from the same period in 2019. With this result, CTR has fulfilled 85 per cent of its profit plan.
According to the company’s plan by 2025, CTR’s revenue will reach VND11.5 trillion and profit will total VND518 billion.
Last year’s consolidated revenue and post-tax profit reached VND5 trillion and VND181 billion, respectively, up 18 per cent and 23 per cent 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.
