Viettel Global to trade on UPCoM next month

Viettel Global Investment JSC, a subsidiary of military-run telecom giant, Viettel Group, will list on the Unlisted Public Companies (UPCoM) market next month, shareholders agreed last weekend.

Though the specific date of listing has not been disclosed, the company had announced last year that it would trade nearly 2.24 billion shares on the bourse.

Viettel Global’s shareholders also agreed to raise the company’s charter capital to more than VND30 trillion ($1.3 billion) by selling 800 million shares worth VND10,000 ($0.44) each to its parent company. Buyers will not be allowed to sell the shares for one year.

Viettel Global was established in 2006 to spread Viettel Group’s presence in foreign markets.Eight out of Viettel Global’s 10 overseas markets have begun earning profits. It has taken up the largest market share of the telecommunications sectors in Laos, Cambodia, and Timor Leste.

The company posted consolidated revenues of VND19 trillion ($834 million) in 2017, a year-on-year increase of 24 percent and a pre-tax profit of VND27 billion ($1.18 million).

It plans to expand its overseas operations in the Southeast Asian region and foreign markets that share similar population size as Vietnam this year. The company also aims to achieve a 10-15 percent year-on-year increase in terms of the number of subscribers by the end of 2018.