Viettel considers stake sales to fund overseas expansion

Viettel Global, the international arm of Vietnamese military-owned telecoms company Viettel, is considering selling part of its stake in Cambodian unit Metfone, Deal Street Asia cites the firm as saying during a shareholder meeting. Viettel said it would use the proceeds to acquire new businesses, continuing its strategy of targeting a global presence. TeleGeography’s GlobalComms Database states that Viettel holds a 90% stake in Metfone, the country’s mobile market leader, which was established in 2007 and launched commercial GSM services in February 2009. Viettel Global also aims to raise VND8 trillion (USD355.1 million) to add to its current charter capital of VND14.44 trillion, in order to facilitate its expansion to new markets within the next three years.