Vietnam has approved the transformation of wireless operator Vietnamobile’s operating model from a business corporation contract (BCC) to a joint stock company (JSC), reports Viet Nam News (VNS). Under the restructuring, Hanoi Telecom Company (HTC) will hold 50% of Vietnamobile’s share capital and Hutchison Telecommunications (Vietnam) – the local business of Hong Kong-based conglomerate CK Hutchison – will own a 49% stake, while Hanoi Telecom’s General Director Trinh Minh Chau will hold the remaining 1%. Vietnamobile, the country’s fourth largest wireless network operator by subscribers, will have a registered share capital of over USD1.2 billion.
TeleGeography’s GlobalComms Database notes that HTC gained state approval for a 15-year BCC with Hutchison Telecommunications International Limited (HTIL, now known as Hutchison Asia Telecommunications, a division of CK Hutchison) to install a nationwide CDMA2000 1x network using the 800MHz band in January 2005. Commercial services were switched on in early 2007, but within a year the firm had decided to switch to a GSM network, which was launched under the Vietnamobile brand in April 2009.