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Synnex owns 47% of FPT Trading

Chi Thinh
Wednesday,  Sep 13,2017,22:28 (GMT+7)
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Synnex owns 47% of FPT Trading

Chi Thinh

HCMC – Taiwan’s Synnex Technology International Corporation inked a strategic cooperation agreement with FPT Corporation on September 12 to acquire a 47% stake at FPT Trading.

FPT Corporation is expected to earn VND932 billion from the deal, which is evaluated at over US$80 million, including Synnex’s payment and retained profit of FPT Trading.

Synnex CEO Evans Tu said in a statement released on September 12 that the agreement is the best way for Synnex to enter the technology and telecom market in Vietnam. FPT is a leading distributor in Vietnam in this field.
Truong Gia Binh, chairman of FPT Corporation, meanwhile, said the participation of Synnex will help FPT Trading develop a more effective business strategy for the future.

Earlier, there was speculation that Synnex was in negotiations to acquire shares of FPT Trading to penetrate into the local technology market. Meanwhile, FPT intended to divest capital from FPT Retail and FPT Trading two years ago.

FPT had announced to finalize the deal in 2016. However, it just transferred a 30% stake at FPT Retail to Dragon Capital and VinaCapital in August and 47% of FPT Trading to Synnex on September 12.

Synnex is a leading distributor of telecom and electronics products in Asia and ranks third worldwide with turnover of US$33 billion. Its network spans 38 countries and territories such as China, Hong Kong, Australia, Thailand, Indonesia, India and the Middle East.

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