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Lawyer - EVN consults PM for suggestions regarding FPT deposit
23/05/2011
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Electricity of Viet Nam plans to consult the Prime Minister for suggestions regarding the FPT's deposit of more than VND700 billion in order to repurchase EVN Telecom shares, said Dinh Quang Tri, deputy general director of Electricity of Viet Nam (EVN)

The FPT declared not to repurchase EVN shares on April 15 despite its initial plans of obtaining a 60 per cent stake in EVN.

Withdrawal of the deal has been attributed to a new equitisation plan approved by the Government which would allow the FPT to hold only a 49 per cent stake in EVN.

New General Director of the FPT, Truong Dinh Anh, said that new government regulations as well as contract terms were no longer suitable for purposes of a deal between the FPT and EVN.

According to Anh, Government Decree No 25/2011ND-CP, aimed at guiding the implementation of the Law on Telecommunications from June 1, stipulates that an institution or individual, which holds over 20 per cent of the charter capital or shares in a telecommunications company, will not be allowed to hold over 20 per cent in another company operating in the same market.

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