​Vietnam's FPT sells 30 pct of subsidiary to investment funds

The investment funds are related to the two biggest fund managers in Vietnam

An FPT software facility in Ho Chi Minh City. Photo: FPT

Vietnamese telecoms firm FPT Corp on Friday said it has sold 30 percent of a subsidiary to funds of or associated with funds managers VinaCapital and Dragon Capital.

FPT said in a statement it sold 6 million shares of FPT Digital Retail JSC for an undisclosed amount to investment funds related to the two biggest fund managers in Vietnam, with combined assets under management of US$4 billion.

FPT Digital Retail's profit before tax in the first half of 2017 rose 44 percent from the same period last year to VND141 billion ($6.2 million), FPT said.

"The consumer sector is one of our favourites, and Vietnamese people have shown a huge appetite for mobile phones and accessories, which is their primary tool to communicate and access the internet," said Andy Ho, chief investment officer at VinaCapital.

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