Tuesday, April 24 2018

VietNamNews

FPT slashes ownership at FPT Retail and FPT Trading

Update: December, 20/2017 - 17:00
FPT Retail and FPT Trading are no longer subsidiaries but associates of FPT. — Photo ndh.vn
Viet Nam News

HÀ NỘI  FPT Corporation has reduced its ownership at FPT Retail and FPT Trading to under 50 per cent, the corporation announced on Tuesday.

FPT Retail and FPT Trading are two companies in charge of retail and telephone and IT products distribution.

Starting last Monday, FPT’s ownership at FPT Retail is 46 per cent. At FPT Trading, it is 48 per cent.

FPT Retail and FPT Trading are no longer subsidiaries, but will become associates of FPT.

This move will reduce FPT’s revenue significantly from next year, but this is a positive step as FPT will become a purely technology and telecommunications corporation, Trí thức trẻ reports.

Once there is no longer revenue from FPT Trading and FPT Retail, the two main contributors to FPT’s revenue will be FPT Telecom and FPT Software.

The remaining revenues include system integration, IT services, digital content, education and investment.

After selling 47 per cent of the shares to Synnex Corporation, FPT Trading’s name has been changed to Synnex FPT Joint Stock Company early this month.

For FPT Retail, FPT sold 30 per cent of shares to Dragon Capital and VinaCapital and another 8 per cent to other investors.

It is expected that FPT Retail will list its shares on HCM Stock Exchange (HoSE) before April 30 next year.  VNS

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