Saigon Special and 333 are two premiums brands of Sabeco. Photo: WSJ
, the largest brewer in Vietnam, could float all of its shares on the Ho Chi Minh Stock Exchange by late November of early December this year, its General Director Le Hong Xanh told Reuters, as the government is accelerating a program to sell state assets in flagship companies.
All options for the government's stake divestment from the state-controlled firm were being considered and the government had yet to approve any particular course of action, Xanh added.
At a press meeting after a regular cabinet meeting on October 4, Vice Minister of Industry and Trade Hoang Quoc Vuong said that the listing of Sabeco and Hanoi-based brewer Habeco
could be delayed until the first quarter of 2016 due to time-consuming procedures.
“There is little chance the share debuts of the two companies can take place by the end of this year,” Vuong said, explaining that the listing process normally takes between 12 and 14 weeks.
Sabeco, which stands for Saigon Beer, Alcohol, Beverage Corp, and Habeco should be blamed for their late listings although their initial public offerings were launched nearly a decade ago, said Minister-Chairman of the Government Office Mai Tien Dung
The Ministry of Trade, which represents state ownership in the two brewers, must take responsibility of any delay in their listings, Dung added.
The share listing is part of the government’s plan to offload state holdings in a dozen of profitable companies to open up further the economy and raise funds for major projects.