Sabeco seeks to sell State stake soon
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%.