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VNPT to up Maritime Bank stake   2010-09-08 - Viet Nam News

The Government approved State-owned telecommunications giant Viet Nam Post and Telecommunications Group’s (VNPT) application to increase its stake in Maritime Bank to 19.3 per cent, or 96.6 million shares from 91.97 million shares late Monday evening

Customers make transactions at Maritime Bank’s Ha Noi branch. The Government has approved the bank’s strategic partner, VNPT, to increase its stake in the bank. (Photo: VNS)

The investment will raise Maritime Bank’s charter capital from VND3 trillion (US$153.84 million) to VND5 trillion ($256.41 million) this year.

VNPT is the biggest shareholder of the bank.

Other stakeholders are Agribank Securities Co (15.44 per cent); Viet Nam National Shipping Lines (7.28 per cent) and Ha Nam Development JSC (5.27 per cent).

Deputy Prime Minister Nguyen Sinh Hung also directed VNPT to transfer its stake in the Viet Nam Eximbank, Dong A Bank and Tien Phong Bank.

Details of the transfer procedures were not made public.

VNPT’s revenue is estimated to have totalled VND43 trillion ($2.21 billion) or 42 per cent of the plan for the year at June 30.

The mother group of Viet Nam’s two largest mobile network operators had planned to fulfil its targets of VND100 trillion ($5.13 billion) in revenue; VND13.7 trillion ($702.56 million) in profit and more than VND8.9 trillion ($456.41 million) to the State budget for 2010 by the end of last month.

The group’s total revenue last year was VND78.6 trillion ($4.03 billion), up 29.7 per cent against 2008.

Profit totalled VND13.5 trillion ($692.3 million).

The VNPT Group aims to become one of Asia’s top-ten largest IT and telecommunication solution providers in Asia by 2015 with expected revenue of $14-15 billion and profit of VND23-23.6 trillion ($1.21 billion).

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