VNPT to divest capital from Maritime Bank

HÀ NỘI — The Việt Nam Post and Telecommunications Group (VNPT) will divest capital from the Maritime Bank, it has announced.

After receiving VNPT’s documents related to the divestment, the State Securities Commission (SSC) has recently asked it to make the information public on its website and report the plan to relevant agencies, it said.

In October 2016, VNPT general director Phạm Đức Long said that his group has mostly completed divestment from non-core industries, as per the restructuring programme and the Government guidelines.

By the end of 2016, VNPT divested its capital in 16 enterprises for a value of VNĐ602 billion (US$26.4 million) out of a total investment capital of around VNĐ2 trillion ($88 million).

The group has, however, been struggling to divest from two credit institutions, the Maritime Bank and the Post Finance Company. These divestments are complicated because of the many special requirements, VNPT said, adding that it has now drawn up plans to divest from the credit institutions as per direction from the State.