Vietnam Infrastructure confirms delay in mobile base station sale

1st Nov 2016 14:56

(ShareCast News) - Infrastructure investment vehicle Vietnam Infrastructure announced a delay in the close of its previously disclosed share sale and purchase agreement to transfer 100% of its holding in Southeast Asia Telecommunications Holdings to OCK Vietnam Towers on Tuesday.The AIM-traded company originally expected to be finalised with sale proceeds received at the end of October.It now expects the transaction to close no later than the end of December."This is a complex transaction that has taken more time to close than initially anticipated," said managing director Tony Hsun."However, we are on track to close this transaction in the near-term."Southeast Asia Telecommunications Holdings now holds 100% of VNC-55 Infrastructure JSC, Mobile Information Service JSC and Global Infrastructure Investment JSC, which own and lease 1,938 mobile phone base stations and over 150 IBS to mobile network operators in Vietnam.OCK Vietnam Towers will still acquire the entire base station business while VNI will separate the IBS portfolio from SEATH and divest at a later stage.The divestment is in line with VNI's strategy to divest all assets by June 2017, and the proceeds from the transaction will be used to make capital distributions to shareholders, the board said.