The sale follows GLT's November listing on the Hanoi Stock Exchange.

GLT has several business lines including the manufacture of mobile network (BTS) towers.

VNI originally acquired a 23% equity stake in GLT in 2007 and has realised an internal rate of return of over 50% on the stake sold.

VNI is one of the largest private sector investors in mobile network infrastructure in Vietnam, through its stakes in four companies that build and lease BTS towers.

Managing director of VNI's investment manager, Tony Hsun, said: "We believe the returns generated by GLT after the listing bode well for our other telecommunications sector holdings, particularly as the 3G network roll-out continues and overseas investment in this sector heats up."

Story provided by Business Financial Newswire