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HNX to help VNPT in divestment drive
20/03/2015

The Hanoi Stock Exchange (HNX) will support the Vietnam Posts and Telecommunications Group (VNPT) in formulating a scheme for selling stakes as regulated under its restructuring plan.

This was announced under a cooperative agreement signed by the representatives of the two sides in Hanoi this week.

As per the agreement, the group will ask firms, in which it owns shares, to register or list their shares; and will sell its stake in these companies on the stock exchange.

HNX will also consult, instruct and support the group and its firms to complete documents and procedures for auctioning stakes, registering and listing on the stock market. It will also support VNPT’s enterprises to publicise information on the stock market and help them in attending training courses and conferences to understand international-standard management principles for boosting openness, transparency, and effectiveness at these companies.

Speaking at the signing ceremony on March 18, the Deputy Minister of Information and Communications Nguyen Minh Hong, said the collaboration will enhance the process for VNPT’s divestment, as well registration and listing of its equitised companies.

Nguyen Thi Hoang Lan, Vice Chairwoman of the management board and Deputy General Director of HNX, said that until now, there were five enterprises in which VNPT owned stakes and which listed and registered on the stock exchange with a total value of about 3 trillion VND (142.8 million USD).

She said the two sides shared close and effective relations, because the group was providing consultancy, telecom and IT infrastructure, and a network for market data transfer at the Hanoi bourse.

VNPT’s restructuring plan for the 2014 to 2015 period was approved by the Prime Minister on June 10, 2014, under which the corporation is required to divest non-core businesses at 63 enterprises.

After it is restructured, VNPT will hold less than half of the charter capital at 18 firms, besides its member companies.-VNA

 

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