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| VNPT is expected to complete divestment process in 2015 — Photo ndh.vn |
HA NOI (Biz Hub) — The Vietnam Posts and Telecommunications Group (VNPT) has been increasing its divestment from non-core sectors, as per the restructuring programme and government guidelines, said General Director Tran Manh Hung.
VNPT has made profits with divestments, Hung told the Vneconomy website.
He added that more than VND2 trillion (US$95.23 million) has been divested from non-core businesses. The divestment has been carried out at firms that had huge investment capital initially, ahead of the ones with medium and insignificant amounts of investment capital.
VNPT has divested VND400 billion ($19 million) investment capital from the Sacom Investment and Development Joint Stock Company. The sum was equal to nearly 40.6 million shares, comprising 31.02 per cent of the company's registered capital.
VNPT will divest about VND700 billion ($33.3 million) from the Maritime Bank in the near future.
"We earned profit at the Sacom Investment and Development Joint Stock Company and Maritime Bank, which kept half of VNPT's capital in non-core businesses," said Hung.
He added that his group expected to complete the divestment process by 2015.
The Prime Minister approved VNPT's restructuring programme for the 2014-15 period on June 10 this year. Under this, VNPT will have to divest capital from 63 businesses, among which there are many giant companies.
A VNPT report showed that in the first nine months of this year, the group reached 93 per cent of its annual profit target, 14 per cent higher year on year. Meanwhile, its subsidiaries made a profit of 141 per cent. — VNS