­Vietnam’s Saigon Post and Telecommunications Corporation (Saigon Postel) is looking for investors to help develop its CDMA based mobile network subsidiary, S-Fone. The company is looking to sell 20%-30% stake to potential investors.

S-Fone is a joint venture between Saigon Postel (80%) and South Korea’s SK Telecom (20%).

According to Ho Hong Son, Saigon Postel’s general director, the scheme of changing the form of the company’s investment into a joint venture was approved by the Government. The company would buy back SK Telecom’s 20% stake in the next two years.

As per Son, during this period, Saigon Postel also planned to seek new investors and sell 20-30% of its stake to investors who are financially strong and well-managed. Vietnam law allows foreigners to buy stakes of up to 49% in privatized firms.