FPT Seeks Shareholder Approval for Stock Swap With Units

FPT Corp. (FPT), Vietnam’s biggest publicly traded telecommunications and software company, said it is seeking approval from stockholders to issue 19.8 million shares to combine three technology units.

FPT will swap the shares with that of three subsidiaries, FPT Information System, FPT Software and FPT Trading Group, the company said in a statement on its website.

Chief Executive Officer Truong Dinh Anh said last month that FPT had planned to consolidate five subsidiaries and focus on restoring the annual earnings growth rate to more than 30 percent.

FPT’s shares fell 0.9 percent to 52,500 dong as of 10:36 a.m. local time. The country’s benchmark VN Index gained 0.2 percent.

To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net

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