Vietnam Infrastructure completes divestment of SEATH

29th Dec 2016 16:33

(ShareCast News) - Vietnam Infrastructure announced on Thursday that all the conditions precedent under the sale and purchase agreement to transfer 100% of VNI's holding in Southeast Asia Telecommunications Holdings (SEATH) to OCK Vietnam Towers have now been fulfilled.The AIM-traded company said the cash consideration for the transaction is $50m, which will be received in full by VNI by the end of January 2017.It said the divestment is in line with the exit strategy for VNI's private equity portfolio, pursuant to the proposal to restructure VNI which was approved at its EGM held on 15 December 2014.The proceeds of the transaction will be used to make capital distributions to shareholders."We are very pleased to have this divestment successfully completed," said managing director Tony Hsun."This transaction represents significant progress towards completing our divestment strategy as VNI is now left with only one remaining asset to be divested, the in-building systems portion of SEATH."SEATH holds 100% of VNC-55 Infrastructure JSC, Mobile Information Service JSC and Global Infrastructure Investment JSC, which owns and leases 1,972 mobile phone base stations and over 150 IBS to mobile network operators in Vietnam.OCK Vietnam Towers will acquire the entire BTS business while VNI still owns the IBS portfolio and divest at a later stage.