Vietnam Infrastructure receives first payment for Southeast Asia Telecoms sale

13th Jan 2017 11:47

(ShareCast News) - AIM-listed investment fund Vietnam Infrastructure has received the first payment for the sale of Southeast Asia Telecommunications from OCK Vietnam Towers.The company has received $47.5m in cash for the sale of Southeast Asia Telecommunications, which owns Global Infrastructure Investment which owns and leases 1,972 mobile phone base stations and over 150 integrated base stations to mobile network operators in Vietnam.A second and final payment of $2.5m is expected to be paid by 20 January which, on receipt, will complete the company's divestment in Southeast Asia Telecommunications.OCK Vietnam Towers will own the entire mobile phone base stations business while Vietnam Infrastructure will continues to own the integrated base station portfolio, which it will divest at a later stage.Proceeds from the sale will be distributed to shareholders.The divestment is in line with the exit strategy for Vietnam Infrastructure's private equity portfolio in order to restructure the company.Shares in Vietnam Infrastructure were up 0.02% to 0.22p at 1204 GMT.