Divestment made from companies outside of its main business field.
The Vietnam Posts and Telecommunications Group (VNPT) collected over $5 million after selling nearly 5 million shares in the PetroVietnam Power Nhon Trach 2 Joint Stock Company in March, after selling 7.8 million shares in the company from January 14 to February 12 for $8.4 million.
It has also put 200,000 shares in the Vung Tau Post & Telecommunications Construction and Investment Joint Stock Company (VPC) and 220,000 shares in the Da Lat Post-Telecommunication Construction & Service JSC up for auction, at a starting price of $1.36 and $1.62, respectively, per share.
It is also selling 200,000, 15,000, 10,000, and 20,000 shares in the Nghe An, Hue, Khanh Hoa, and Kien Giang Post Office Construction and Equipment JSCs, at a starting price of $0.46, $8.2, $2.47, and $12.18, respectively.
Auctions are also underway for shares in other companies.
According to a VNPT representative, the share sales are being made under guidelines from the Prime Minister to restructure VNPT from 2014 to 2015.
Under Decision No. 888 in 2014 from the Prime Minister, VNPT must divest all of its capital in 63 companies not related to its main business field.
It will divest capital from the Bao Minh Joint Stock Corporation, 53 joint stock companies, four limited companies, four foundations, and the Maritime Bank. Total investment by VNPT in the 63 units companies stands at $107.5 million.
Mr. Tran Manh Hung, General Director of VNPT, said divesting its capital is best done via the stock market. It has already divested $23.43 million, with a further $56 million to be divested in the first quarter of this year.