Hanoi (VNS/VNA) - Military-run telecom giant Viettel plans to divest an11 percent stake in its affiliate Viettel Construction Joint Stock Corporation(CTR) via a public auction at the Hanoi Stock Exchange on December 7.

Theoffered stake is equivalent to 7.7 million shares at CTR.

Thestarting price for CTR is 43,100 VND (1.85 USD) per share, 10 percent lowerthan the current market price.

Ifthe auction is successful, Viettel will reduce its ownership in CTR from 73.22 percentto 52.22 percent.

CTRis trading on UPCoM, with a market price of more than 51,400 VND and marketcapitalisation of nearly 3 trillion VND.

Thefirm is the largest operator of the infrastructure network in Vietnam. In 2019,while other units in the industry had declining business results, CTR grewthanks to the promotion of construction activities.

Inthe first nine months, CTR’s revenue and post-tax profit reached 4.2 trillion VNDand 168 billion VND, respectively, up 15 percent and 35 percent from the sameperiod in 2019. With this result, CTR has fulfilled 85 percent of its profitplan.

Accordingto the company’s plan by 2025, CTR’s revenue will reach 11.5 trillion VND andprofit will total 518 billion VND.

Lastyear’s consolidated revenue and post-tax profit reached 5 trillion VND and 181billion VND, respectively, up 18 percent and 23 percent year-on-year.

CTRaims to expand the provision of construction operation services in foreignmarkets, developing solutions in smart energy for telecommunications as well asother industries./.