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MobiFone Selling Stakes in Unrelated Subsidiaries

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Vietnam's state owned mobile network, MobiFone is to sell its stakes in two banks, local media has reported, raising around USD20 million.

MobiFone's plans to sell the stakes are a requirement from the government that state-owned companies focus on their core operations and minimise cross-shareholdings.

MobiFone will sell a 6.12 percent stake in SeABank, and will halve its stake in TPBank to 2.19 percent.

The sales are expected to take place later next month.

The sales will also be seen as part of a long expected move by the government to sell a stake in the mobile network.

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Tags: mobifone  Vietnam