Information and communication technology group FPT Corporation has sold six million shares or 30 per cent of its stake in FPT Digital Retail JSC to funds managed by and associated with Dragon Capital and VinaCapital.
FPT Corporation may complete its divestment from FPT Trading and FPT Retail sub-units in 2017, officials said at the company’s annual shareholder meeting yesterday.
FPT Corporation, Việt Nam’s largest information and technology (IT) group, will conclude the selling of its retail unit FPT Shop next year, ICTnews reported yesterday.
Vietnamese mobile phone brands have been displaced from the market by high-quality foreign products and low-priced Chinese ones.
Mergers and Acquisitions (M&As) by foreign companies is the fastest way to hold stakes in the Vietnamese electronic and electrical retail market.
Việt Capital Securities and Japanese-owned securities firm Nomura have been hired as consultants to minimise its investment in retail and distribution operations by the end of this year, Deputy CEO Nguyễn Thế Phương said.
Small retail stores for mobile phones are being excluded from the market as they must now compete with big retail chains and many have to close down.