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VTVCab IPO to raise US$262 million

VTVCab IPO to raise US$262 million

VTVCab, Vietnam Pay TV, IPO

16/3/2018 – According to Hanoi Stock Exchange, Vietnam Cable Television (VTVCab), a unit of state-owned broadcasting agency Vietnam Television (VTV), will be offering its shares to the public in the first half of April.

The initial public offering will see the pay television service provider auction 42.29 million shares, which represents 47.84% of charter capital after equitization. The stakes are sold at the starting price of VND 140,900 (about US$6.17) per share and is estimated to bring USD$ 262 million.

Besides, VTVCab also announced the criteria and procedures for selecting strategic investors when implementing the IPO. Specifically, the startup is looking to select investors with a charter capital of at least VND1 trillion and good financial capital with 3 consecutive years of profitable business.

Strategic investors are also required to purchase at least 10 percent of VTVCab charter capital which cannot be transferable for a minimum 10 year period when the company is transforming into a joint stock company.

Under the privatization plan. VTVCab has a charter capital of VND884 billion (about US$38.8 million). Following the IPO, the state ownership at the firm will be reduced to 52.2 percent.

Since 2015, VTV has proposed to divest its interest in its three pay TV units – VTVCab, SCTV, and K+. The divestments were aimed at enhancing the efficiency of the pay-TV units and providing more benefits to shareholders.

However, the privatization process has been delayed on several occasions due to the difficulties in asset valuation. The Prime Minister has also agreed to extend the deadline for VTVCab’s IPO to June 30, 2018.

Founded in 2012, VTVCab is the precursor of Cable Technical Service Center under Vietnam Television. It is of the country’s largest pay-TV players in terms of subscribers and service range across 60 cities and provinces.

The company mainly operates in the field of pay television, advertising, copyright brokerage, and wired telecommunications. It also broadcasted more than 200 channels, in cooperation with other television service providers in the digital, customized, and Internet TV services play.

Filipino unicorn Revolution Precrafted receives US$3.2 billion deal in Dubai

Revolution Precrafted
Filipino unicorn Revolution Precrafted receives US$3.2 billion deal in Dubai

Revolution Precrafted

13/3/2018 – Revolution Precrafted, a unicorn startup that is based in the Philippines has just signed a landmark US$3.2 billion deal to manufacture luxury apartments and hotel villas in Dubai’s famous The World Islands.

Located four kilometers off the coast of Dubai, the World Islands is a groundbreaking development that looks to rival the Palm Jumeriah as one of the most important landmarks in the country. It is composed of 300 artificial islands and will be designed to resemble the global map.

This multi-billion dollar agreement was sealed with luxury property developer Seven Tides, and Revolution Precrafted will be providing the design, supply, and construction of the condominium apartments and villas on the man-made island.

Robbie Antonio, the Founder and CEO of Revolution Precrafted said, “We are proud and excited to partner with one of the best property developers not only in Dubai but in the world.”

”We will manufacture sophisticated, design-driven condominium apartments and hotel villas, consistent with the kind of luxurious structures the public have come to expect from us and Seven Tides.”

The design will be of a 2 to 3-bedroom luxury condominium. These properties will be pre-manufactured, shipped and then assembled on The World Islands projects.

Meanwhile, Seven Tides will be handling the construction of the jetty, the landscaping of the islands, and the construction of the provisions for the main utility services.

“The luxurious look and feel of the condominium apartments and hotel villas will further elevate the status and image of the World Islands as the playground for the most affluent, and privileged residents from Dubai and beyond,” said Abdulla Bin Sulayem, the Chief Executive Officer of Seven Tides.

Revolution Precrafted earlier announced plans to expand to at least 20 countries this year after raising an undisclosed Series B funding round in 2017 that valued the company at over US$1 billion.

“Our short-term goal is to have at least four to five offices within Southeast Asia this year. Our long-term goal is and always has been to be the largest designer home supplier in the world, to be the Ikea of homebuilding,” Antonio said.

Established in December 2015, Revolution Precrafted is a global supplier of prefabricated homes, pavilions and other structures. It teamed up with 72 of the world’s most prolific artists and designers, from Zaha Hadid to Jean Nouvel.