Saigon Postel stake acquisition online

Accordingly, SaigonTel will acquire 35.9 million shares, equivalent to 30 per cent of stake at Saigon Postel after this telco completes its chartered capital increase from currently VND711 billion ($34.3 million). The SaigonTel management board will  negotiate the price. With this, SaigonTel will become Saigon Postel’s biggest shareholder.

Saigon Postel is also going to sell a 40 per cent stake to Vietnam’s third richest market player through two institutions. The two institutions are SaigonTel and Western Bank, in which Dang Thanh Tam holds a majority stake, once the State Bank approves the deal.

At the extraordinary shareholder meeting in December last year, Saigon Postel approved its plan to issue shares via private placement with total 49.2 million stocks at no less than VND15,000 (72 US cents) a stock for strategic partners. 

“We are waiting for approval from the central bank once the new legal circular on stake holding is issued and we believe that the central bank will approve it soon,” said Tam.

Western Bank will become the first bank in Vietnam to hold a stake in a telco if it gets approval.

Established on May 14, 2002, SaigonTel is a member of Saigon Invest Group - one of the leading groups in Vietnam - which has gained a lot of achievements in developing industrial and high-tech parks; leads in constructing state-of-the-art offices and workshops for lease, satisfying the development requirement of enterprises, creating a lot of job opportunities to the employees.

Saigon Postel was established on December 8, 1995. Facility-based Saigon Postel received full telecom service licences in Vietnam to provide telecom services such as fixed telephone, CDMA mobile services along with transmission circuits. The company is the local partner developing the country’s first CDMA mobile service network, S-Fone.