August 11, 2017 / 8:33 AM / 2 years ago

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

(Corrects FPT Digital Retail’s profit to before tax, not net, in the third paragraph)

HANOI, Aug 11 (Reuters) - 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 $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 141 billion dong ($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. ($1 = 22,727 dong) (Reporting by Mai Nguyen)

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