The Ministry of Industry and Trade (MoIT) denied rumours that it planned to buy shares of Saigon Beer Alcohol and Beverage Company (Sabeco) shares (SAB).
A production line of Saigon Beer Alcohol and Beverage Company (Sabeco).(Photo: VNA)
Hanoi (VNA) - TheMinistry of Industry and Trade (MoIT) denied rumours that it planned to buyshares of Saigon Beer Alcohol and Beverage Company (Sabeco) shares (SAB).
Recently, some news outletsreported ThaiBev was planning to sell beer producer Sabeco and the ministrycould buy the firm at a price of 130,000 VND (5.6 USD) per share.
“The above information iscompletely unfounded. Currently, the ministry has no policy to buy backSabeco's shares,” said Deputy Minister Do Thang Hai said.
He added that Vietnam has madeefforts to recover its economy after the COVID-19 pandemic, providing policiesto encourage businesses to stabilise production.
Spreading false or unfoundedinformation would seriously affect the reputation of enterprises andorganisations, as well as cause damage to the socio-economic situation andinvestment environment in Vietnam, he added.
Last week, ThaiBev, Sabeco’sbiggest shareholder, also denied rumours it was seeking buyers for its businessin Vietnam.
ThaiBev said it was committedto realising the potential of its all businesses in the country, especiallySabeco to enhance its position as the largest beverage company in SoutheastAsia.
In 2017, ThaiBev acquired a 53.59percent stake in Sabeco for 300,000 VND per share from the MoIT, whichretains 36 percent.
In 2018, its net revenue roseby 5 percent and it maintained growth in 2019. However, the COVID-19 pandemichas had considerable impacts on its production and business in the first monthsof the year.
Its consolidated financialreport in the first quarter of 2020 showed Sabeco’s net revenue reduced by 47 percentfrom the same period last year to 4.9 trillion VND. Its after-tax profitdecreased by half to 720 billion VND – the lowest level in the past seven years.
The company has said that it isstill experimenting with various ways to optimise its asset portfolio andimprove equity value, including the potential to list its beer business./.
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A production line of Saigon Beer Alcohol and Beverage Company (Sabeco).(Photo: VNA) 
