Vietnam’s FPT Approved to Buy 49% Stake in EVN Telecom
Vietnam’s Prime Minister Nguyen Tan Dung approved FPT Corp.’s purchase of a 49 percent stake in EVN Telecom Co. as part of a plan to privatize the state-owned phone operator.
The state will hold 50.6 percent of EVN Telecom, owned by Electricity of Vietnam, the government said in a directive dated yesterday. A stake of 0.4 percent will be sold to EVN Telecom’s employees, the government said. The company’s registered capital is valued at about 2.96 trillion dong ($152 million), according to the directive.
Vietnam is accelerating plans to privatize state-owned companies after delaying stake sales for two years during the global financial crisis. The government has laid down a policy to speed up the privatization process, Pham Viet Muon, vice chairman of the Government Office, which oversees implementation of state plans, said on Jan. 25.
Hanoi-based FPT Corp., Vietnam’s biggest listed telecommunications and software company, rose 4.8 percent to 65,000 dong as of the 11 a.m. local-time close of the Ho Chi Minh Stock Exchange. FPT was the third most active stock by value on the exchange today.
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