MobiFone terminates 95 percent AVG share purchase

MobiFone Corporation and Audio Visual Global JSC (AVG) on December 18 signed an agreement to put an end to MobiFone’s purchase of 95 percent share of AVG according to requirement by Standing Deputy Prime Minister Truong Hoa Binh.
The Ministry of Information and Communications announced the agreement yesterday.
MobiFone has reclaimed the entire amount of money spent on the project and preserve the state capital at the company.
The reclaimed money amounts to VND8,775 billion (US$377.55 million) comprising VND8,445 payment for the share purchase and other costs.
MobiFone has also given back over 344.6 million shares to AVG stakeholders.

By TRAN BINH – Translated by Hai Mien

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