Vietnam's MobiFone Seeks Advisor For Privatization - Official

HANOI -(Dow Jones)- State-owned MobiFone, Vietnam's second-largest mobile phone operator by subscribers, is seeking a foreign financial adviser to help its privatization, company Director Le Ngoc Minh said Wednesday.

"We will soon issue an official document to invite foreign companies to attend an international tender to provide consultation for our share-selling process in the coming months," Minh said.

Foreign companies have to send their applications to MobiFone by May 16, Minh told Dow Jones Newswires in Hanoi.

He gave no further details about the share sale.

Currently, MobiFone has 8 million clients, up 33% from a year earlier, and the company targets to add 2.5 million new clients this year, company figures show.

State media reported MobiFone is expected to sell a stake to the public in the fourth quarter of this year but has no plans to list shares on the stock market so soon.

State-owned VinaPhone, Vietnam's largest mobile phone operator with nearly 9 million clients, has plans to sell shares to the public in 2008, state media said.

-By Nguyen Pham Muoi, Hanoi Bureau, Dow Jones Newswires; 844-825-0732; phammuoi.nguyen@dowjones.com

-Edited by Rosalyn Lim

(END) Dow Jones Newswires"

Posted to the site on 18th April 2007