All Line Inc., a telecommunications and information technology company, is acquiring a 20% stake in Vietnam Home Shopping Network Corp. for $1 million in cash and 15 million in company shares.
The transaction is scheduled to close by Feb. 9.
All Line said it has an option to acquire another 31% of VHSN in the future.
"VHSN will initially focus on the 1.5 million households of Vietnam who are elite consumers in a retail market that is globally ranked as number three,” said Allen Wu, chairman of East Media Holdings, VHSN’s majority owner, in a statement. “We see that 10-15% of these households will participate in TV shopping and its supported e-mall, generating significant revenues. Subsequently, VHSN will also roll out TV shopping to key Asian communities (Chinese, Filipino, Vietnamese and Korean) with mainstream possibilities.”
