Vietnam targets raising $240m from IPO of pay-TV player VTVCab

Source of image: VTVcab

Vietnam government has decided to pare its 47.8 per cent stake in one of the country’s largest pay-TV players, VTVcab, a unit of state-owned broadcasting agency Vietnam Television (VTV), in its initial public offering (IPO) slated for April 17.

According to an announcement from Hanoi Stock Exchange, the government will offload 42.29 million shares in the auction. At a starting price of VND140,900 ($6.23) per share, valuating the company at VND12.4 trillion ($544.3 million), the government aims to raise at least VND6 trillion ($240 million) from the IPO.

Under the privatization plan, VTVcab has a charter capital of VND884 billion ($38.8 million). After the IPO, the state ownership at the firm will reduce to 52.2 per cent.

Since 2015, VTV has proposed to divest its interest in three pay TV units, VTVcab, SCTV and K+. The divestment aims at enhancing the efficiency of the pay-TV units and bringing more benefit to shareholders.

However, the privatization process got delayed due to difficulties in asset valuation. Recently, the Prime Minister has agreed to extend the deadline for the VTVcab’s IPO to June 30, 2018.

VTVcab, wholly-owned by the leading state-owned broadcasting agency in Vietnam VTV, has become one of the country’s largest pay-TV players in terms of subscribers and the service range across 60 cities and provinces.

Launched in 2012, it is broadcasting 200 channels in cooperation with other television service providers.  VTVcab is also in the digital, customized and Internet TV services play.

Meanwhile, SCTV, a wholly state-owned joint venture between VTV and Saigon Tourist Corporation, is also under the government’s divestment capital plan. Accordingly, VTV and Saigon Tourist Corporation will sell 12.5 per cent each in SCTV, reducing state ownership at the firm to 75 per cent.

Established in 1992, SCTV was the first cable TV operator in Vietnam to get approval to deploy telecommunications network infrastructure.

Also Read: 

Vietnam state broadcaster VTV to divest stake in three pay TV units

Vietnam state fund, national broadcaster to divest stake in mega TV tower project

 

 

 

 

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.