MobiFone to reduce stakes in 2 banks – Mobile World Live

MobiFone to reduce stakes in 2 banks

31 MAR 2016

Vietnamese state-owned operator MobiFone will reportedly sell its stakes in two banks next month for at least $20 million, in line with government regulation.

According to local media news website VnExpress, the operator will sell a 6.12 per cent stake in SeABank, in an auction starting on 25 April. And on the same day, MobiFone will more than halve its stake in TPBank to 2.19 per cent from 4.76 per cent, in a separate process.

The operator is reducing its investment in the financial sector to comply with a government order that state-owned companies divest non-core businesses.

MobiFone, which is Vietnam’s second largest operator, now operates under the Ministry of Information and Communications, after separating from VNPT, another state-owned operator in June 2015.

It is reportedly scheduled to be privatised soon, with Malaysia’s Axiata, Norway’s Telenor and Comvik International Vietnam all expressing an interest.

Reports suggest the government will sell a maximum of 20 per cent to foreign investors, and it is still in the midst of carrying out consultations on a privatisation plan.

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Kavit Majithia

Kavit joined Mobile World Live in May 2015 as Content Editor. He started his journalism career at the Press Association before joining Euromoney’s graduate scheme in April 2010. Read More >>

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