The Vietnam Posts and Telecommunications Group (VNPT) wants to sell all the assets of its finance subsidiary Post and Telecommunication Finance Company Limited (PTF) for at least VND500 billion (US$21.9 million).
The public auction for PTF will be held on February 1, 2018.
Participating investors must pay a deposit of VND50 billion.
Withdrawal from PTF is part of the VNPT’s plan to divest from non-core businesses.
Founded in 1998, PTF is Vietnam’s first finance company, wholly owned by VNPT, with charter capital of VND500 billion.
In the first half of this year, PFT reported modest profit of VND2.79 billion. Its assets until the end of the June 2016 were only equal to VND384 billion.
The company reported profits of VND19 billion in 2014, VND21 trillion in 2015 and VND19 trillion in 2016.
At a conference last week, Tran Manh Hung, Chairman of VNPT, said the group expected its restructuring plan and development strategy would get the Prime Minister’s approval early, which was the base for equitising the group in 2019.
He said its development strategy in the 2018-2025 period with a vision to 2030 is aimed at renovating its growth model towards improving productivity and competitiveness.
It report revealed that the group earned revenue of VND144.7 trillion in 20017, rising by 7% over the previous year. Its pre-tax profit reached VND5.1 trillion, up by 21%.
VNPT paid an estimated sum of more than VND4 trillion to the State budget in 2017, up by 9.3%.
It has 34.1 million mobile subscribers and 4.6 million Internet broadband subscribers until the end of 2017.