Mobile giant to acquire major holding in Audio Visual Global JSC.
MobiFone has announced its purchase of shares in the Audio Visual Global JSC (AVG), marking its involvement in the field of TV together with its existing fields of mobile, retail, and media.
The Ministry of Information and Communications has issued an official decision approving the purchase.
No announcement was made on the number of shares MobiFone has purchased in AVG and at what price, but local media has put the holding at 95 per cent.
The mobile phone provider said that investing and operating in digital TV is a step forward in its business strategy in 2016-2020 period to meet the increasing demand from customers.
In the future MobiFone will combine its telecommunications and mobile services, providing high quality TV services and new packages that integrate mobile and TV.
Mr. Nguyen Manh Hung, Deputy General Director of MobiFone, said it aims to reach 1 million customers registering for its TV services this year and to become among the Top 3 businesses in the communications sector with the largest market share by 2020.
MobiFone was established from the restructure of Viet Nam Mobile Telecom Services (VMS). The State holds 100 per cent of its charter capital of VND15 trillion ($660 million) and its operates under the parent-subsidiary model.
AVG has been involved in the Pay TV market since late 2011 and has been providing services in both terrestrial digital TV and satellite digital TV.