Viettel Global to float shares on UPCoM: report

24 Sep 2018

Viettel Global, the international investment arm of Vietnamese military-run operator Viettel, is reportedly set to float 2.24 billion shares on the nation's Unlisted Public Company Market (UPCoM) tomorrow.

The shares will have a starting price of 15,000 dong ($0.64), valuing the investment arm at 33.65 trillion dong ($1.4 billion), the Hanoi Timesreported.

Viettel Global was established in 2016 with charter capital of 960 billion dong. Viettel is the current 98.68% owner of the venture.

The company has investments in operators in 11 markets – Vietnam, Cambodia, Laos, Timor East, Peru, Mozambique, Cameroon, Burundi, Tanzania and Myanmar – which had an estimated 43 million subscribers between them as of the end of 2017. The company aims to increase this to 50 million by the end of the year.

In Myanmar, Viettel is the 51% owner of MyTel, of the joint venture with local technology companies that holds the nation's fourth nationwide telecoms market. MyTel revealed in June that it has invested $1 billion in its network.

The company reported a pre-tax profit of 27 billion dong in 2017, on the back of a 24% increase in consolidated revenue to 19 trillion dong.

Meanwhile the Viettel Group has set a target of increasing its annual revenues to between 350 trillion to 400 trillion by 2020, and becoming one of the world's top ten telecoms companies by this time.

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