Sabeco asked to hold shareholders’ meeting on personnel matters
The Ministry of Industry and Trade (MoIT) has requested the Saigon Beer-Alcohol-Beverage Corporation (Sabeco) to hold an extraordinary shareholders’ meeting to review personnel matters.
Sabeco will hold an extraordinary shareholders’ meeting to elect additional members for the board of directors. (Source: VNA)
Hanoi (VNA) - The Ministry of Industryand Trade (MoIT) has requested the Saigon Beer-Alcohol-Beverage Corporation(Sabeco) to hold an extraordinary shareholders’ meeting to review personnelmatters.
This request was made in response to the ThaiBeverage Public Co Ltd (ThaiBev)’s query relating to its authority toparticipate in Sabeco’s management board.
In a recent letter sent to the Government,ThaiBev has expressed concern that until now it has not been directly involvedin Sabeco’s management board, even though its ownership in Sabeco has reached53.59 percent of chartered capital.
In a sideline discussion at the Government’smeeting early this week, Deputy Minister of Industry and Trade Do Thang Haisaid the 2014 Law on Enterprises stipulates that a shareholder or a group ofshareholders may officially participate in the company’s board of directors andboard of supervisors if they own a 10 percent equity or more for at least sixmonths. Meanwhile, ThaiBev has held Sabeco’s stake for about four months.
However, MoIT has sent a document to Sabeco,asking the company to hold an extraordinary shareholders’ meeting to makedecisions on a personnel matter, Hai said.
In December 2017, ThaiBev, through itssubsidiary Vietnam Beverage Co Ltd, purchased a 53.59 percent share of Sabeco’schartered capital for nearly 5 billion USD through an auction on the Ho Chi MinhStock Exchange.
Sabeco’s management board has seven membersincluding two independent ones. Currently, Sabeco has three membersrepresenting the State capital and one representative from Heineken, whichholds 10 percent stake in Sabeco. Thus, Sabeco now lacks three board members.-VNA
Vietnamese shares are expected to move marginally in the last two trading weeks of 2017 as investors take a rest, however the selling of brewer Sabeco shares should give a short boost to the market.
The Ministry of Industry and Trade (MoIT) on December 18 sold all of its 343.6 million shares or a 53.6 percent stake of the Saigon Beer, Alcohol and Beverage Corporation (Sabeco), receiving an estimated 110 trillion VND (4.89 billion USD).
Shares declined on the two national stock exchanges on December 19, dragged by the slump of brewer Sabeco, but cash flow remained strong which opened an opportunity for a recovery in the next session.
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Sabeco will hold an extraordinary shareholders’ meeting to elect additional members for the board of directors. (Source: VNA) 
