Vietnam Posts and Telecommunications Group (VNPT) sold its finance subsidiary Post and Telecommunication Finance Company Ltd (PTF) to SeABank at a recent auction.
Vietnam Posts and Telecommunications Group sold its finance subsidiary Post and Telecommunication Finance Company Ltd to SeABank. (Photo: VNPT)
Hanoi (VNA) - Vietnam Posts and Telecommunications Group(VNPT) sold its finance subsidiary Post and Telecommunication Finance CompanyLtd (PTF) to SeABank at a recent auction.
After the successful auction, Tran Manh Hung, Chairmanof VNPT, on February 5 announced VNPT was completing the dossiers tosubmit to the State bank of Vietnam (SBV) and the Ministry of Information andCommunications (MoIC) for the deal’s approval.
According to Hung, VNPT sold PTF to SeABank at ahigher price than the asset valuation it gave.
Earlier in December, a VNPT officialannounced that it would sell all the assets of PTF for at least 500 billion VND(21.9 million USD). Participating investors will have to pay adeposit of 50 billion VND.
Withdrawal from PTF is part of VNPT’s planto divest from non-core businesses.
Founded in 1998, PTF is Vietnam’s first financecompany, wholly owned by VNPT, with a chartered capital of 500 billionVND.
According to PFT’s financial statements, its profitsin 2015 and 2016 were 21 trillion VND and 19 trillion VND, respectively.
Earlier, in February 2016, then Deputy PrimeMinister Vu Van Ninh suggested a restructuring plan for PTF. Accordingly, theSBV and the MoIC needed to agree on measures to be taken.
Meanwhile, the VNPTgroup is expecting its restructuring plan and developmentstrategy to get the Prime Minister’s approval early, which was thebase for equitising the group in 2019.
Tran Manh Hung, Chairman of VNPT, said itsdevelopment strategy in the period between 2018 and 2025with a vision to 2030 is aimed at renovating its growth model towards improvingproductivity and competitiveness.
Its report revealed that the groupearned a revenue of 144.7 trillion VND in 2017, rising by 7 percentover the previous year. Its pre-tax profit reached 5.1 trillion VND, up by 21 percent.
Under the restructuring plan, VNPT is aiming foran average revenue growth rate of at least 6.5 percent per year,with a profit growth of more than 10.8 percent per year by2020. In the period between 2021 and 2025, the annualgrowth is expected to reach more than 7.7 percent for revenue andmore than 11 percent in profit. -VNA
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Vietnam Posts and Telecommunications Group sold its finance subsidiary Post and Telecommunication Finance Company Ltd to SeABank. (Photo: VNPT) 
