It is proposing the State Capital Investment Corporation (SCIC), a state-owned investment fund, divest from FPT Telecom through stock swapping or in cash.
“Our proposal to SCIC is practical to bring high and long-term growth values to shareholders,” said FPT’s chief executive officer Truong Dinh Anh.
FPT executives hoped they could wrap up the deal in 2012. SCIC retains a 50.7 per cent stake in FPT Telecom, FPT holds 40.43 per cent and the remainder is held by other stockholders.
Besides, FPT is weighing over spreading its arm abroad through mergers and acquisitions. This May, FPT finalised a deal in which it purchased a telecom licence of a Cambodia-based firm to provide broad-band internet services to this market. It is reportedly seeking similar opportunities in Laos and Myanmar.
With its existing broad-brand infrastructure, FPT set to roll out new services to sharpen its competitive edge, including cable television to link to family households.
In the recent past, FPT Telecom and private media firm AVG lodged petitions to the Ministry of Information and Communications seeking licences to be operating in cable television services provision.
FPT’s strong commitment to deepen roots in telecom sector was because this segment generated its best profit figures in the last three years.
According to FPT first five month business result report, telecom services generated FPT VND302 billion ($14.3 million) out of its total profits of VND974 billion ($46.3 million). Its other business fields like production and distribution of handsets and distribution of other information technology items are in a fix on the back of flat consumption as customers cut down expenses to save costs.
Duc Huy (vir.com.vn)