HNX to help VNPT divest non-core businesses

Thursday, Mar 19, 2015 17:25

Representatives of the Ha Noi Stock Exchange (HNX) and the Vietnam Posts and Telecommunications Group sign a cooperative agreement on March 18. HNX will support the corporation to divest from its non-core businesses. — Photo courtesy of HNX

HA NOI (Biz Hub) — The Ha Noi Stock Exchange (HNX) will support the Vietnam Posts and Telecommunications Group (VNPT) in formulating a scheme for selling stakes as regulated under its restructuring plan.

This was announced under a cooperative agreement signed by the representatives of the two sides on March 18 in Ha Noi.

As per the agreement, VNPT will ask firms, in which VNPT owns shares, to register or list their shares; and will sell its stake in these companies on the stock exchange.

HNX will also consult, instruct and support VNPT and its firms to complete documents and procedures for auctioning stakes, registering and listing on the stock market. It will also support VNPT's enterprises to publicise information on the stock market and help them in attending training courses and conferences to understand international-standard management principles for boosting openness, transparency, and effectiveness at these companies.

Speaking at the signing ceremony, the Deputy Minister of Information and Communications Nguyen Minh Hong, said the collaboration will enhance the process for VNPT's divestment, as well registration and listing of its equitized companies.

Nguyen Thi Hoang Lan, vice chairwoman of the Management board and Deputy General Director of HNX, said that until now, there were five enterprises in which VNPT owned stakes and which had listed and registered on the stock exchange with a total value of about VND3 trillion (US$142.8 million).

She said the two sides shared close and effective relations, because VNPT was providing consultancy, telecom and IT infrastructure, and a network for market data transfer at HNX.

VNPT's restructuring plan for the 2014 to 2015 period was approved by the Prime Minister on June 10, 2014, under which the corporation is required to divest non-core businesses at 63 enterprises.

After it is restructured, VNPT will hold less than half of the charter capital at 18 firms, besides its member companies. — VNS

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