The State Capital Investment Corporation (SCIC) is likely to divest from FPT Telecom early next year, a Ministry of Finance official said (Photo: FPT Telecom)Hanoi (VNA) - The State CapitalInvestment Corporation (SCIC) is likely to divest from FPT Telecom early nextyear, a Ministry of Finance official said.
Dang Quyet Tien, deputy director of the ministry’sCorporate Finance Department, told dantri.com.vn recently that the move is partof the SCIC’s efforts to withdraw capital from several major enterprises inearly 2017.
The SCIC will sell its entire 50.16 percentstake in the telecommunications firm, which registered charter capital of morethan 1.37 trillion VND (61.99 million USD) with the Vietnam SecuritiesDepository.
The depository certified FPT Telecom as listingabout 1.37 million shares, coded FOX with a face value of 10,000 VND each, onthe Unlisted Public Company Market earlier this month.
FPT Telecom’s third-quarter financial reportsaid the company earned 4.92 trillion VND in net revenue from sale of goods andservices in the first nine months of this year, up 20 percent over the same periodlast year.
The firm earned 848.46 billion VND in pre-taxprofit in the nine months, a year-on-year increase of 5 percent.
According to Thoi bao Kinh te Viet Nam (VietnamEconomic Times), FPT Telecom has paid dividends in cash at a rate of 40 percentevery year – a “golden” level in the local market.
FPT Telecom also contributed about 40 percent tothe annual profit of its parent firm – technology giant FPT, which holds a45.64 percent stake in the subsidiary.
Earlier this year, the Government urged the SCICto withdraw capital from 10 major businesses, including FPT Telecom, Bao MinhInsurance Corporation, Vietnam Infrastructure Investment & Development JSC,Ha Giang Mineral Mechanics JSC, and Vietnam Dairy Products JSC (Vinamilk).
The remaining five are Vietnam NationalReinsurance Corporation, Tien Phong Plastic JSC, Binh Minh Plastic JSC, SaGiang Import Export Corporation and FPT.
The SCIC recently auctioned a 9 percent stake ofVinamilk on the HCM City Stock Exchange. It sold a stake of 5.4 percent toforeign investors, gaining more than 11.28 trillion.-VNA
VNA
