OCK Group takes over Vietnamese telco

PETALING JAYA: OCK Group Bhd has completed the acquisition of the entire stake in Vietnam’s Southeast Asia Telecommunications Holdings Pte Ltd (SEATH) for US$50 million (RM223 million) cash.
In a filing with Bursa Malaysia the group said that with the completion of the acquisition SEATH will start contributing to OCK’s financials.
“The acquisition is part of our regional expansion plans in achieving a wider business footprint in the Asean region. SEATH’s business is synergistic to the group’s existing business and will only strengthen our area of expertise, our portfolio and ultimately our income stream,” said its group managing director Sam Ooi.
“We intend to grow the business and will leverage on OCK’s experience to expand further into Vietnam. We will tap onto the launch of the 4G/LTE in Vietnam,” he added.