An employee at Viettel Post Joint Stock Corporation (VTP). Viettel plans to divest 6 per cent stake in its affiliate Viettel Post. — Photo viettelpost.com.vn

Military-run telecom giant Viettel plans to divest a 6 per cent stake in its affiliate Viettel Post Joint Stock Corporation (VTP) via a public auction at the Ha Noi Stock Exchange in November.

The information was announced by Viettel Post during a meeting with analysts late last week, VietnamBiz reported.

At the event, representatives from some investment funds said the 6 per cent divestment was much lower than the expected 16 per cent announced earlier.

According to Viettel, the divestment will be carried out following the group’s roadmap to ensure the benefits of investors. The next divestment roadmap will be implemented in the new restructuring period of Viettel, between 2021 and 2025.

A Viettel representative revealed the group plans to list VTP shares on Ho Chi Minh City Stock Exchange to ensure better liquidity of the shares. The share listing on Viet Nam’s main exchange is expected to be conducted in 2021 – 2025.

Earlier, Viettel announced it would divest from three of its member units listed on the stock market including Viettel Post Joint Stock Corporation (VTP), Viettel Construction Joint Stock Corporation (CTR) and Viettel Consultant and Design Joint Stock Company (VTK).

Currently, Viettel owns 68.08 per cent of the charter capital of Viettel Post, 63.12 per cent capital in Viettel Construction and 68 per cent equity of Viettel Consultant and Design. — VNS