MobiFone, one of Vietnam’s three major network operators, has been asked to seek a consulting agency and strategic partners for its equitisation process, which might happen in the third quarter of this year. Meanwhile, shareholders of Tran Anh Digital World JSC did not veto the acquisition of the company’s Japanese investor.
MobiFone hastens procedures for IPO
Network operator MobiFone, which was split from the Vietnam Posts and Telecommunications Group (VNPT) a year ago, will have to seek a consulting agency for its equitisation within this month to promptly finish the initial public offering (IPO) plan by September, as directed by the local Ministry of Information and Communications.
The ministry affirmed that it is a critical task, because if MobiFone fails to find an advisory company in April, the equitisation scheme will not be submitted in time.
Meanwhile, March 31 was the deadline for the corporation to calculate its corporate value. Another important task is to pick strategic partners to join the equitisation process.
After the split and start of the restructuring process, MobiFone has completed forming the new organisational mechanism in its 23 units. The corporation aims at providing broader services post IPO, instead of just confining itself in the mobile area. Authorities have said to soon select the board of members for MobiFone. Its CEO Le Nam Tra is concurrently holding the chairman position.
Nojima ups stakes in Tran Anh Digital World
Nojima Corporation, one of Japan’s leading electronics retailers, will purchase 20.77 per cent of Tran Anh Digital World JSC from Aureos South-East Asia Fund LLC to increase its holding to 30.78 per cent, and will appoint two people to the Vietnamese appliance supermarket chain’s board of directors.
This was approved by Tran Anh’s shareholders on Friday even though the Japanese investor is not supposed to make a public offer.
By the end of last year, four largest shareholders of the company were its chairman Tran Xuan Kien (22.59 per cent), board member Do Thi Thu Huong (21.33 per cent), the aforementioned fund (20.77 per cent and Nojima Corporation (10.1 per cent).
Thus, the Norwegian fund will divest from Tran Anh, while Noguchi Atsushi – Nojima’s deputy director of overseas investment, and its senior advisor Okawa Yoshiteru will be nominated to the Hanoi-based company’s board during the 2014-2019 period. Nojima Corporation began investment in 2013.
This year, the digital device provider plans to expand its outlets by nine more stores, mainly located in the north of Vietnam. It expects to increase its revenue by 36 per cent over 2014 to reach more than VND3.3 trillion ($153.5 million) and profit after tax by 100 per cent to VND7.8 billion ($362,800).