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S-Fone undergoes transformation into JV

12 Apr 2010

Vietnamese news source Thanh Nien Daily reports that local telecoms operator Saigon Post and Telecommunications (Saigon Postel, SPT) has become the major shareholder in its wireless S-Fone joint venture with South Korea’s SK Telecom (SKT). S-Fone, which was formed by the two companies in 2001 under a business cooperation contract (BCC) model, will begin the transformation into a joint venture this month, according to the cellco’s managing director, Ho Hong Son, adding that SKT’s capital investment will be refunded by 2011. The South Korean company will now hold only a minority stake in S-Fone: ‘The controlling stake will belong to Saigon Postel and thus the company will have the right to make all investment, business and operation decisions,’ Son said. Alongside the transformation, S-Fone says it will change its business strategies and expand coverage to attract more customers.

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