Viettel Global Joint Stock Company (Viettel Global) recently held their 2018 shareholders meeting, in which the company's shareholders voted to raise charter capital to $1.4 billion by issuing 800 million ordinary shares worth VND10,000 ($0.44) per share for the parent company Viettel Group.
Viettel Global was established with a mission of helping Viettel turn into a strong telecommunications group on international stage.
After the completion of private placement, Viettel Group's stake in Viettel Global will increase to 99.03 per cent.
All of this capital will be used to increase the scale of working capital to serve the investment needs of Viettel Global projects until 2020.The number of shares will be restricted for transactions within one year from the date of completion of the offering.
Another important issue discussed and agreed at the shareholders meeting is the listing of Viettel Global shares on UPCOM in this coming July. According to Saigon Securities Inc. (SSI), upon its listing Viettel Global will become the only telecom company in Vietnam stock market.
In addition, at this meeting Le Dang Dung was also approved to be the Chairman of the Board of Directors cum CEO of Viettel Global, while new candidates would be found to take the post of CEO. Under current regulations, Chairman of the Board of Directors is not allowed to hold the title of CEO unless being approved by shareholders.
According to the consolidated financial statements announced at shareholders meeting, Viettel Global gained a consolidated revenue of $833 million in 2017, an increase of 24 per cent compared to 2016.
At the same time, in 2017 Viettel Global also recorded $153 million of financial expenses, of which the majority of the financial expenses were foreign exchange losses, specifically $120 million. Excluding all expenses, Viettel Global gained a pre-tax profit of $1.18 million.
Starting from the first investment in the Cambodian market under the brand name Metfone, Viettel Global expands rapidly in 10 years, opening up a new mobile network in each country every year. Viettel Global is currently operating nine telecommunications companies in nine countries across Asia and Africa.
Considering the world's telecommunication industry starting to saturate with an average revenue growth of four per cent, these outcomes of Viettel Global are fairly impressive.