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Sabeco seeks to sell State stake soon

Minh Tam
Thursday,  Apr 20,2017,00:07 (GMT+7)
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Sabeco seeks to sell State stake soon

Minh Tam

Sabeco chairman Vo Thanh Ha fields questions from shareholders at Sabeco’s annual general meeting on April 18 - PHOTO: MINH NHAT

HCMC – The board of Sabeco, the country’s leading brewery, has asked the Ministry of Trade and Industry to sell the State stake at Sabeco soon to turn the enterprise into a public company.

The stake will be put up for auction on the local stock exchange, Sabeco said. A consultant will be chosen to draw up a divestment plan, said Sabeco chairman Vo Thanh Ha at the corporation’s annual general meeting on April 18.

In response to a question on the divestment roadmap, Le Hong Xanh, a member of the board, said the Ministry of Industry and Trade had sent a divestment plan to the Government. Meanwhile, chairman Ha said he had just received a dispatch on capital divestment from the ministry

Sabeco has been listed on the Hochiminh Stock Exchange. However, the ministry still held an 89.59% stake in the brewery by late last year.

Sabeco’s total beer sales amounted to 1.65 billion liters last year, 6.9% higher than the full-year forecast and 8.3% more than the previous year.

Sabeco reported total consolidated revenue of over VND31.75 trillion, 11% higher than estimated, and up 13% against 2015. Its after-tax profit reached some VND4.7 trillion, growing 33% over 2015 and beating the full-year target by  28%. The dividend was 30%.

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