Ministry of Information & Communication project is expected to complete equitization Mobile Telecommunication Company (Mobifone) and the Government in the fourth quarter of this year.
The information contained on the Minister Nguyen Bac Son dimensional announced at the meeting on 17.06.2014 and the thorough implementation of restructuring proposals Corporation Vietnam Posts and Telecommunications (VNPT) by decision of the Prime Minister. Minister Nguyen Bac Son said the project was built for 2 years from 2014 to 2015 but the Ministry of Information & Communications aims to complete within this year, to put VNPT operating under the new model from the first day of in 2015. this process will include the transfer of 3 units (including Mobiphone) from VNPT direct management of the Ministry.
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| VNPT’s charter capital will be the Ministry of Information and Communications and the Ministry of Finance appraisal. Photo: Nhat Minh |
On the group’s charter capital after the restructuring, the Minister Nguyen Bac Son said the Finance Ministry will appraise. VNPT then served as mother now, performing the function of the total investment in the company, the company is operating more directly. This model is expected to help streamline the apparatus of the parent company, which is up to 18 and a few hundred personnel department activities. For a team of nearly 53,500 employees in whole VNPT system, agency representatives said the case would be redundant after restructuring. Therefore, corporations should allocate a certain portion of funds to handle this problem. In addition, he also expects businesses of VNPT will participate more in the production of hardware devices, operating to serve the industry, similar to what is done Viettel. Evaluation of VNPT do what in the past year, the Minister Nguyen Bac Son assertion than many other sectors, the model tested in this group can be considered a success, create the enterprise edge war, large-scale, steady revenue growth … However, the operation of VNPT also exposed many limitations when the corporation itself has many business and corporate sector, causing internal competition, investment fragmented. This leads to efficient production business, even less competitive, but revenue growth and lower margins decrease. In addition, during the period 2006-2011, VNPT is considered large investments (128 854 billion), but many other projects delayed or canceled, wasting capital. Particularly Mobiphone, representatives of the Ministry of Information and Communications, said after splitting from VNPT, which will now be held back in the third quarter and completed equitization plan, the Prime Minister in the fourth quarter of this year. As expected, with this scheme, VNPT can hold about 20% of the charter capital Mobiphone. This is the maximum rate permitted under cross-ownership rules in the Telecommunications Act of 2009. Earlier, according to a report by the HCM City Securities Corporation (HSC), the present value of estimated Mobiphone be $ 3.4 billion. This figure may be more than $ 4 billion if revenue and profits continue to rise after splitting from VNPT.
Source: vnexpress.net
