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Vietnam targets raising $240m from IPO of pay-TV player VTVCab

The Vietnam government has decided to pare its 47.8 per cent stake in one of the country’s largest pay-TV players, VTVcab, a unit of state-owned broadcasting agency Vietnam Television (VTV), in its initial public offering (IPO) slated for March 14.

According to an announcement from Hanoi Stock Exchange, the government will offload 42.29 million shares in the auction. At a starting price of VND140,900 ($6.23) per share, valuating the company at VND12.4 trillion ($544.3 million), the government aims to raise at least VND6 trillion ($240 million) from the IPO.

Under the privatization plan, VTVcab has a charter capital of VND884 billion ($38.8 million). After the IPO, the state ownership at the firm will reduce to 52.2 per cent. Since 2015, VTV has proposed to divest its interest in three pay TV units, VTVcab, SCTV and K+. The divestment aims at enhancing the efficiency of the pay-TV units and bringing more benefit to shareholders.

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