Vietnam Posts and Telecommunications Group (VNPT), the state-owned parent company of telecoms operator VNPT-Vinaphone, plans to hold its initial public offering (IPO) in 2019, Dau Tu (Investment) newspaper quotes the group’s chairman Tran Manh Hung as saying. He added that VNPT will aim to finalise its IPO portfolio and complete all the required procedures next year, ahead of launching the IPO in 2019. The IPO preparation will be carried out after the firm’s restructuring plan, which has been submitted to the Ministry of Information and Communications (MIC) and the prime minister, is approved.
As previously reported by CommsUpdate, VNPT and wireless operator MobiFone have been directed by the MIC to complete the sale of a portion of its shares (a process known as equitisation) within the next two years. Until July 2014 both MobiFone and Vinaphone were wholly owned subsidiaries of VNPT, but at that date MobiFone was spun off from the PTO, as part of efforts to restructure state-run businesses. MobiFone was separated from VNPT and put under the management of the MIC, with a view to undergoing equitisation at a later date. VNPT’s own initial restructuring process was approved in early 2015 and its operations were subsequently separated into three core business units, including VNPT-Vinaphone, which was formally launched in August 2015 and focuses on areas such as the provision of telecoms, broadcasting and IT services.