Saigon Postel to sell shares in S-Fone network

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Saigon Post and Telecommunications plans to sell shares in its wireless network S-Fone to foreign partners following the divesting of its stake in the venture by South Korean's SK Telecom.

Ho Hong Son, general director of Saigon Postel, said there were 10 foreign partners interested in the plan, including telecom firms in Japan, China and Singapore.

S-Fone, formed by SK Telecom and Saigon Postel in 2001 under a "business cooperation contract" model, is in the process of transforming itself into a joint venture.

The South Korean company has divested its capital and will hold only a minority stake in S-Fone.

Son said the process is expected to be completed next year. It has taken longer than expected because the procedures were complicated, he said.

After finding new partners, S-Fone will be developed into a 4G network, using the latest fourth-generation standard, he added.

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