Viettel's charter capital set to double after restructuring

May 22, 2013 | 09:33

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Telco star Viettel is to undertake restructuring during 2013-2015.

Its charter capital will be doubled to VND100 trillion ($4.7 billion) after restructuring and it is required to divest all capitals from financial investment, but allowed to invest in other projects, such as broadcasting in radio and television.

Accordingly, Viettel will focus business services on telecommunication, information technology, broadcasting, posting, delivery, equipment manufacturing and researching for IT, telecommunication and broadcasting.

Viettel must withdraw capital from Viettel Technologies Corporation, Vinaconex Commercial Development, EVN International, Vinaconex-Viettel Finance and Coecoo Rubber Industry.

In addition, it must merge EVN Telecommunications to Viettel’s parent company.

Specifically, during 2013- 2015, the corporations will retain 11 member subsidiaries including Viettel Telecom, Viettel Property, Viettel Broadcasting and 63 branches all over provinces, cities in Vietnam.

Besides, the corporation will hold 100 per cent stakes in five, one-member limited companies which are M1 Information, M3 Information, Viettel Import and Export, Viettel housing business, Viettel Technology Investment.

Moreover, parent company holds over 50 per cent of charter capital in seven subsidiaries, including Viettel Post, Viettel International Investment and under 50 per cent in four others, which are Vinaconex, Military Bank, Vinaconex-Viettel Urban Development, Vinh Son Joint Stock Company.

By By Nguyen Trang

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