|
Investors to say cheers to Habeco
The state is to sell part of its stake in Vietnam's second largest brewer paving the way for its listing on the local stock market.
According to a reliable source close to the matter, Hanoi Beer-Alcohol and Beverage Corporation (Habeco) is likely to decrease its state stake from 81.79 per cent to 66 per cent.
Of the 15.79 per cent stake to be sold, 3 per cent will be publicly auctioned and the remainder will be sold to existing shareholders.
"This may be Habeco's step to prepare for listing on the stock market," said the chief analyst of a securities company.
Under Decree 14/2007/ND-CP dated January 19, 2007 providing detailed regulations for the implementation of a number of Law on Securities articles, when listing on the bourse, at least 100 shareholders must own at least 20 per cent of voting shares in the company.
Meanwhile, the analyst said Habeco's shareholders, other than the state, currently accounted for less than 19 per cent of its charter capital. Strategic shareholder, Denmark-based Carlsberg Beer Company, holds 16 per cent while other 245 remaining shareholders only account for less than 3 per cent of its charter capital.
"Therefore, to meet the demand of the State Securities Commission's (SSC) regulation, Habeco is obliged to sell a part of its state stake to be listed on the stock market," said the analyst.
Habeco’s executives were not available to comment on the issue and there is no timeline for listing.
If the state sells, Habeco's strategic partner Carlsberg will have an opportunity to raise its stake.
Habeco's chairman Le Ba Co in March this year said his company planned to sell an additional stake to Carlsberg to raise its holding to 30 per cent and reduce the state stake to around 65-70 per cent, by selling to employees and outside investors.
"After reducing the state stake, Habeco will think of listing," he said.
Previously, in September 2009, Habeco and Carlsberg signed a memorandum of understanding that planned to increase Carlsberg's ownership up to 30 per cent. Habeco is the country's second biggest beer producer by market share, following Saigon Beer Alcohol and Beverage Corporation (Sabeco) with 35 per cent.
Habeco is market leader in the northern Vietnam where Carlsberg is present through its brewery joint ventures in Hanoi and Halong. The increased partnership will provide opportunities for both Habeco and Carlsberg to further jointly strengthen their market positions in northern Vietnam, but also in the central Vietnam where Carlsberg is market leader through its brewery joint venture in Hue.
Habeco completed its equitisation to become a joint stock firm in March, 2008 with charter capital of VND2.31 trillion ($122 million). In the first six months of this year, Habeco's beer production output reached 241 million litres, up 28.1 per cent against the same period last year and accounted for 41.9 per cent of the year's plan.
In the remaining six months in 2010, the company is expected to reach VND2.86 billion ($150 million) in industrial production value, and beer and wine production outputs of 328.3 million litres and 17.3 million litres respectively.
Hanoi Beverage Corporation manufactures and trades beers, wine, beverages, alcohols, wrappings, and mineral water. The company also imports and exports beer, wine, beverage and related materials to the beverage, beer and wine industry.
VIR
|
