The Viet Nam Posts and Telecommunications Group (VNPT) will put up for sale their stake in 2 subsidiaries in May.

Illustrative image (Source: Photo lapmangvnpt.net.vn)

The move adheres to the deputy prime minister’s request to speed up the group’s divestment from non-core business lines.

The telecommunication group will offload its entire holding of 14 million shares, equivalent to 79.02% of total stakes, in its real estate arm Viet Nam Post and Telecommunication Land Joint Stock Company (VNPT Land).

Foreign investors are allowed to buy a maximum of nearly 8.7 million shares.

The starting price is set at 9,700VND per share.

The auction is scheduled on 12 May on the Ha Noi Stock Exchange and the deadline for registration and depositing money is 5 May.

VNPT Land has charter capital of nearly 177.2 billion VND (7.8 million USD). It posted a loss of over 1.5 billion VND in the first 9 months of 2016, a poor performance compared with the net profit of 169.3 billion VND in 2015.

Apart from VNPT, Viet Nam Maritime Commercial Joint Stock Bank is the 2^nd largest stakeholder, with 14.11% of capital. Post Equipment and Construction Joint Stock Company holds the remaining stake of 6.87%.

Also in May, VNPT will auction 2.45 million shares in Telecommunication Project Construction Development Joint Stock Company, equivalent to 49% of the company’s charter capital.

Foreign investors can book the entire amount of shares offered.

The auction, scheduled on 8 May, will receive registrations until 3 May.

The company posted net profit of nearly 344 billion VND in 2016, a surge of 250% compared with the 98 billion VND profit in 2015.

Late in February, Deputy Prime Minister Vuong Dinh Hue urged VNPT to speed up their divestment process. The group has to divest from 52 companies.

(Source: VNS)