Local telecom firm SaigonTel has announced that it will buy nearly 36 million shares, or a 30 percent stake in Saigon Postel, the operator of mobile phone network S-Fone.
The move will make SaigonTel the largest shareholder in Saigon Postel, which means it can join the management boards of S-Fone and Saigon Postel's other business projects.
According to the Ministry of Information and Communications, S-Fone had more than 1.8 million active subscribers as of the end of 2010.
The network was formed by Korea's SK Telecom and Saigon Postel in 2001 under a "business cooperation contract." Saigon Postel announced plans to sell shares in the venture in November last year, after the Korean partner divested its share.
SaigonTel, who bought the stake, is going through a restructuring process itself. The company plans to delist its shares on the Ho Chi Minh Stock Exchange.