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State to lessen stake in Sabeco
The Sai Gon Alcohol Beverage Corp. (Sabeco) on April 7 announced it would sell more than 128 million shares to reduce the stake of the State in the company.
The volume is equal to 20 percent of Sabeco’s charter capital of more than 641 billion VND (40 million USD).
Currently the State owns 89.6 percent of the company.
Sabeco’s executive board will select strategic partners for sales, which will be implemented once it gets approval from related authorities.
Several world leaders in the food and beverage industry including Heineken, Asahi and ThaiBev want to invest in Sabeco, according to the company’s chairman Nguyen Ba Thi.
Sabeco will choose one beer producer and another in the beverage and food sector as its strategic partners, with each purchasing 10 percent.
The company is expected to list on the Ho Chi Minh City Stock Exchange by the year-end.
Its annual shareholder meeting, held on April 7 in Ho Chi Minh City , set the target of more than 10 trillion VND in turnover, which is expected to yield a net profit of 711 billion VND this year.
The figures for 2009 will be 12.8 trillion VND and 863 billion VND, respectively.
Earlier this year Sabeco put into operation a factory turning out 200 million litres of beer annually in HCM City ’s Cu Chi district.
By the end of next year, two factories with a capacity of 100 million litres each will be launched in Quang Ngai and Nghe An provinces.
By the end of 2010 another 100 million litre factory will begin production in Vinh Long province, bringing Sabeco’s total capacity to 1.2 billion litres.
VNA
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