VNPT divests entire stake in Saigon Postel

13:39 | 10/05/2018
Vietnam Posts and Telecommunications Group (VNPT) will auction the entirety of its 8.52 per cent stake in Saigon Postel Corp. (SPT) on May 25.
vnpt divests entire stake in saigon postel
One of S-Fone branches when this network brand was operating

SPT’s charter capital is over VND1.203 trillion ($53 million), VND102.5 billion ($4.5 million, 10.25 million shares) of which are in the hands of VNPT.

VNPT offers the initial price of VND12.038 on the Hanoi Stock Exchange (HNX).

SPT was established in 1995 with the charter capital of VND50 billion ($2.2 million). It was the first joint stock company in the Vietnamese post and telecom sector. In 1996, SPT officially launched domestic and international postal services under the brand name of Saigon Post (SGP).

In 1997, the company began trading internet services under the brand name of SaigonNet, which provided S-Fone mobile network since 2010 but did not develop drastically and could not compete with other networks on the market.

In July 2012, S-Fone cancelled all labour contracts with its staff. In 2016, the licence of this mobile network expired and was not refreshed.

Business outcomes of SPT in 2015-2016

-

2015

(million dollar)

2016

(million dollar)

Increase

(per cent)

Total asset value

106.65

107.1

0.42

Net revenue

31.6

35.33

11.82

After-tax profit

1.22

1.29

5.46

LNST/Equity

1.61%

1.7%

-

LNST/Net revenue

3.88%

3.66%

-

Source: SPT’s financial reports in 2015 and 2016

By Nguyen Huong

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