EVN privatisation to be wrapped up by year-end

4 Oct 2010

Vietnamese telecoms operator EVN Telecom, a subsidiary of state-owned utility Electricity of Vietnam, plans to undergo privatisation by the end of this year. According to a report by local news source VnExpress, which cites an unnamed source, the operator has had to speed up the process because the company faces financial difficulties and increased competition in the telecoms sector. The operator will sell up to 30% of its shares in an initial public offering (IPO) and at least 20% to foreign strategic partners. Foreign investors must have experience in the telecoms arena, including the construction of 3G networks. The report adds that two local companies and two unnamed foreign institutional investors from Singapore and Malaysia have already offered to become EVN Telecom’s strategic partners.

Vietnam, EVN Telecom