PM directs equitisions in VTV's companies

Friday, Jan 08, 2016 20:27

A K+ store in Viet Nam. VTV will continue to represent the State's shares at K+. — Photo

HA NOI (Biz Hub) – Prime Minister Nguyen Tan Dung has ordered the execution of the restructuring plan for Viet Nam Television (VTV) companies.

Under the plan, VTV will continue to represent the State's shares at Viet Nam Satellite Digital Television (VSTV), known more commonly as K+.

VTV will transfer its capital at Smart Media JSC to the Viet Nam Television Cable Corporation (VTVcab), increasing the State's capital at VTVcab.

Prime Minister Dung has also asked VTV to equitise VTVcab in the first quarter of 2016. After the process, the State will still hold 51 per cent of VTVcab's share.

VTV will also sell part of its share in the Sai Gon Tourist Cable Television Limited Company (SCTV), the guideline said.

VTVbroadcom limited company will be equitised this year. The State may hold less than 50 per cent of the shares or sell its entire stake in this company.

VTVcab, wholly owned by VTV and launched in 2005, has become the largest TV channel provider in Viet Nam, offering services in more than 60 provinces and registering 1.98 million subscribers as of December 31, 2013.

SCTV, a wholly state-owned joint venture between VTV and the Sai Gon Tourist Corporation, was established in 1992. It had 2.3 million cable TV subscribers, 500,000 digital TV subscribers and 300,000 Internet subscribers as of December 31, 2014.

VSTV is a joint venture of VTV and France's communication group CanalPlus, with a 51:49 ownership ratio. It has become the exclusive broadcaster of the series of world football leagues in Viet Nam. The company had 600,000 subscribers nationwide as of December 31, 2013.

Smart Media, established in February 2008, was jointly founded by key government bodies: Viet Nam Posts and Telecommunication Group, VTV, Viet Nam Mobile Telecom Services Co and Viet Nam Post Corporation, as well as the privately owned GoldSun. Smart Media provides services in advertising, TV and radio programmes, digital content and online payments.

In early 2009, leading marketing communications group WPP became a shareholder of Smart Media, holding a 20 per cent stake in the company.

VTVbroadcom, established in 2010, is wholly owned by VTV. – VNS

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