Saigon Alcohol Beer and Beverages Corp. (Sabeco
), Vietnam’s leading beer producer, will soon pick up a consultancy firm to advise it on the plan to reduce the government stake in it, said Sabeco Chairman Vo Thanh Ha at the company’s annual general meeting on April 18.
The plan has received a green light from the Ministry of Industry and Trade but is pending government approval, Ha added, without revealing further details.
The company has proposed selling the shares via auctions on the Ho Chi Minh City Stock Exchange (HOSE
), he said.
The ministry now holds an 89.6% stake in Sabeco, the second largest company on the HOSE by market value, at $5.8 billion.
The brewer, which commands a 40% share of the local beer market, earned a net profit of 4.66 trillion dong ($205 million) on revenue of 31.75 trillion dong ($1.4 billion) last year, up 33% and 13% year-on-year, respectively.
It aims to sell 1.7 billion liters of beer this year. Its net profit and revenue are projected at 4.7 trillion dong and 34.5 trillion dong this year.
The Philippines’ largest beer maker San Miguel Brewery (SMB), a unit of San Miguel Corp., has been the latest of a string of international brewers to express interest in acquiring shares in Sabeco. The others include Heineken
, AB InBev and its merger partner SABMiller, Asahi Group Holdings, Kirin Holdings, Singha Asia Holding and Thai Beverage.