AVG makes partial MobiFone payment after ending agreementAudio Visual Global (AVG) has paid VND2.5 trillion (US$109.5 million) to MobiFone, a State-owned business under management of the Ministry of Information and Communications, after the two sides cancelled the mutual share transfer agreement on March 12. The MobiFone’s acquisition of AVG ended after it was found irresponsible and broke regulations in the acquisition. — Photo VnEconomyThis amount is part of the total VND8.89 trillion MobiFone paid to acquire AVG. The meeting agreed in principle that AVG shareholders and MobiFone had terminated the contract, MobiFone would return the entire AVG stake to the group of shareholders and shareholders would refund the full amount MobiFone had paid, in addition to interest and related expenses. The agreement was reached after the Party Central Committee’s Secretariat asked the Government to quickly release the inspection results of the acquisition by communications giant MobiFone.

Source: VietNamNet News April 04, 2018 03:11 UTC