Vietnam Infrastructure (VNI) has announced that it has received its first payment of US$47.5m in cash, pursuant to the sale and purchase agreement to transfer 100% of VNI’s holding in Southeast Asia Telecommunications Holdings Pte. Ltd. (SEATH) to OCK Vietnam Towers Pte. Ltd (OCK). VNI says that it expects to receive its second and final payment of US$2.5m by 20 January 2017 which, upon receipt, will complete its divestment of SEATH to OCK.
SEATH holds 100% of VNC-55 Infrastructure JSC, Mobile Information Service JSC and Global Infrastructure Investment JSC, which owns and leases 1,972 mobile phone base stations (BTS) and over 150 IBS to mobile network operators in Vietnam. OCK Vietnam Towers will acquire the entire BTS business while VNI continues to own the IBS portfolio which it says it will divest at a later stage. VNI says that the divestment is in line with the exit strategy for its private equity portfolio, which was approved at its EGM held on 15 December 2014. The proceeds of the transaction will be used to make capital distributions to shareholders.
Vietnam Infrastructure receives US$47.5m as part of divestment of Southeast Asia Telecommunications Holdings : VNI