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Viettel Global debuts on UPCoM

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Viettel Global Investment Corporation (Viettel Global) debuted on the Unlisted Public Company Market (UPCoM) on Tuesday.

Viettel Global Investment Corporation (Viettel Global) debuted on the Unlisted Public Company Market (UPCoM) on Tuesday.— Photo cafef.vn

 

Viettel Global started trading more than 2.24 billion shares on UPCoM with ticker VGI at VNĐ15,000 (US$0.67) apiece.

The shares hit its daily increase band of 40 per cent and closed Tuesday at VNĐ21,000 with more than 1.8 million shares traded.

Viettel Global’s market capitalisation reached VNĐ47.12 trillion ($2.09 billion) by the end of trading, four times the size of another large-cap UPCoM firm, FPT Telecom (FOX).

Viettel Global is operating in 10 countries and territories in Asia and Africa, including Peru, Cambodia, Laos, Haiti, Tanzania, Cameroon and Burundi.

“Viettel Global will make more drastic changes in all business activities and shift its focus to new telecommunication services, information technology and finance,” Viettel Global general director Đỗ Mạnh Hùng said at the debut ceremony.

The company is a sub-unit of the military-owned telecommunication group Viettel, founded in late 2007 with charter capital of VNĐ960 billion.

The company recorded over VNĐ19 trillion in total revenue for 2017, a yearly increase of 24 per cent.

At its annual shareholder meeting, Viettel Global shareholders agreed to sell 800 million private shares, worth VNĐ8 trillion, to its parent group Viettel to raise its charter capital to VNĐ30.4 trillion.

The capital will be spent on Viettel Global’s activities until 2020. The 800 million shares are banned from trading for one year.

 

Source: VNS

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