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VAFI, MOIT of two minds regarding brewers on the bourse
The Vietnam Association of Financial Investors (VAFI) and the Ministry of Industry and Trade (MOIT) are arguing about whether Habeco and Sabeco, two of the biggest enterprises in Vietnam, should list on the bourse.
Listing is illegal?
VAFI said that it several times has petitioned the Ministry of Industry and Trade, the agency that manages the two companies and the state’s capital in them, urging it to instruct the two entities to list on the bourse.
According to VAFI, the listing of Habeco and Sabeco would provide valuable commodities for the stock market, helping to attract investors.
However, in reply, the Ministry of Industry and Trade stated that the two companies could not list on the bourse at this moment as it would be illegal.
The ministry said that under the currently applied Securities Law, listing companies must have 20 percent of voting shares held by 100 shareholders. Meanwhile, the state is still holding 89.5 percent of stakes in Sabeco and 81.7 percent in Habeco, thus making it impossible for the two companies to list.
Moreover, Habeco’s strategic shareholder, Carlsberg, which is now holding 16 percent of Habeco’s shares, still cannot sell shares on the market because it hasn’t held the shares for the time required by law.
However, VAFI does not think that the explanation by the ministry is reasonable. The association said that though the state is holding 88 percent of chartered capital of Vietcombank, the bank still has been allowed to list 9.2 percent of its chartered capital on the bourse.
According to VAFI, the State Securities Commission (SSC) is still compiling the document guiding the listing of big equitised companies. However, specific cases like Sabeco and Habeco can be dealt with immediately.
Low stock prices should not be a concern
In fact, there is another reason that the agency that is managing the state’s capital in the companies might think that the two companies should not list on the bourse at this moment. The continued price decreases of their shares on the OTC market could make listing unsuccessful, affecting the benefits of shareholders -- including the state.
The ministry said that it would be very difficult to arrive at a listing price which would both preserve the state’s capital and shareholders’ benefits. If the listing price were lower than the preferential price at which shares were sold to staffs during equitisation then they would lose money.
However, VAFI said that as both Sabeco and Habeco went public when the market was hot, it is natural that their IPO prices were relatively high and that a lower price is something that has to be accepted.
VAFI said that the Ministry of Industry and Trade should not be too worried about low stock prices, as the stock market has become better off with the recovery of the national economy.
The association said that these are favourable conditions for the listing of shares, especially in Q3 and Q4 of 2009. As it takes some six months to fulfill listing procedures, it is necessary to think of listing right now.
Habeco and Sabeco shareholders still have not received financial reports for 2007 and 2008, while other listed companies have released reports for Q1 2009.
Sabeco wrapped up its equitisation and IPO on April 17, 2008, while Habeco August 15, 2008.
Phuoc Ha
vietnamnet
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