Vietnam Infrastructure ups stake in mobile tower builder
Vietnam Infrastructure Limited (VNI), touted as the first publicly traded fund focusing on the country’s infrastructure opportunities, has boosted its stake in telecommunications mobile tower builder Mobile Information Service Joint Stock Company (MIS), upping its stake to 45% from 30%.
VNI took acquired its 30% stake in March 2008, when MIS had owned 25 base transceiver station towers. Since that time, MIS has expanded to own 287 base transceiver towers, and is in the process of building 30 more. According to a statement, VNI's 45% hold of the company accounts for 75% MIS's equity. VNI will also hold three of the four MIS Board of Directors seats, and two of three seats on its Inspection Committee Board.
The firm further notes the growth potential for the mobile tower sector in Vietnam, as the number of mobile phone subscribers in the market increased from 69 million in 2008 to more than 155 million by December 2010.
The news comes days after VNI announced the acquisition of a stake in SII, a newly established infrastructure trust.
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