Western Commercial Joint Stock Bank, Investment Arm and Saigon Telecommunication & Technologies Corporation (HOSE: SGT) agreed to acquire 40% stake in S-Telecom from Saigon Post & Telecommunication Services Corporation on April 18, 2011. The proceeds from the sale will be used to finance S-Fone network and supplement working capital for Saigon Postel Corporation. The transaction is subject to approval from the central bank. Western Commercial Joint Stock Bank, Investment Arm and Saigon Telecommunication & Technologies Corporation (HOSE:SGT) cancelled the acquisition of 40% stake in S-Telecom from Saigon Post & Telecommunication Services Corporation on April 18, 2012.