VTVcab Sport is no longer a subsidiary of VTVcab

VTVcab has divested all of its more than 100,000 shares, equivalent to 50.1% of VTVcab Sport's charter capital, since the end of November.

The announcement of the completion of divestment has just been announced by Vietnam Cable Television Corporation (VTVcab, CAB). Accordingly, VTVcab Sports Development Company (VTVcab Sport) is no longer a subsidiary of VTVcab from November 28.

VTVcab Sport was established on December 1, 2017, aiming to become the leading sports marketing company in Vietnam. According to the introduction, this company is managing 5 sports channels, including Football TV, Sports TV, On Sports, On Golf and Sports News.

After the divestment transaction, VTVcab still has two subsidiaries: Viet Thanh Technology Joint Stock Company and VTVcab Telecommunication Infrastructure Company Limited.

Recently, VTVcab also recorded a change in senior personnel. Mr. Hoang Ngoc Huan has submitted his resignation from the position of Chairman and member of the Board of Directors according to the assignment of tasks by Vietnam Television (VTV). Replacing Mr. Huan is Mr. Vu Quang Tao.

In the third quarter, VTVcab's revenue decreased by 18% compared to the same period last year, to 516 billion VND. The company said that the increasingly difficult business situation in the quarter caused the revenue and profit of the channel and its subsidiaries to decrease. This enterprise had a net loss of more than 25 billion VND, compared to a profit of more than 2.4 billion VND in the third quarter of 2022.

In the first 9 months of the year, VTVcab lost more than 18 billion VND, while in the same period last year it made a profit of more than 30 billion VND. Total assets by the end of the third quarter recorded more than 1,900 billion VND.

Minh Son

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