The business value of VTVcab determined at nearly VND4 trillion (roughly US$176 million) at the end of 2015 will not be adjusted when the initial public offering (IPO) takes place.
(Photo: VTVcab)
Deputy Prime Minister Vuong Dinh Hue allows Vietnam Television (VTV) to extend the IPO to September 30th, 2017. Also, VTV does not have to adjust the business value of VTVcab announced on December 31st, 2015 at VND3999 billion (about US$176 million).
VTV is responsible for equitizing VTVcab strictly according to the regulations, updating changes in assets (if any), making prospectuses and adjusting the value of the increased state capital (if any) when settling and becoming a joint stock company.
Earlier in May, VTV was asked to privatise VTVcab quickly. Under the approved plan, the State holds a 51% stake in the company.
VTVcab has been transformed into a limited liability company from a cable television service centre of VTV since 2012. The company is in charge of providing paid television, television advertising services and copyright.
According to the report by mid-2016, VTVcab has total assets of VND2,600 billion (about US$114 million). The owners’ equity is VND633 billion (about US$27 million). Previously, in 2015, the company achieved the revenue of VND1,861 billion (roughly US$82 million) and a profit of VND62 billion (approximately US$2.7 million).
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