The Ho Chi Minh Stock Exchange (HOSE) has approved the listing of Vietnam’s largest brewer Sai Gon Beer, Alcohol and Beverage Corporation (Sabeco) at a starting price of 110,000 VND per share (4.89 USD).
HCM City (VNA) - The Ho Chi Minh Stock Exchange (HOSE) has approved the listingof Vietnam’s largest brewer Sai Gon Beer, Alcohol and Beverage Corporation (Sabeco)at a starting price of 110,000 VND per share (4.89 USD).
In a statement released on November 28 on its website, HOSE said it approvedthe listing of 641.2 million shares on November 25 and that these shares wouldbe available for trading on December 6, earlier than the previous scheduleof December 12, under the code SAB.
Sabeco’s market capitalisation will reach 70.5 trillion VND, making it thefifth largest listed firm on Vietnam’s stock market, behind dairy firm Vinamilk(VNM), PetroVietnam Gas Corp (GAS), Vietcombank (VCB) and property developerVingroup JSC (VIC).
Vo Thanh Ha, Sabeco’s chairman, told local media on November 27 thatthe company was completing necessary procedures and selecting a consultancycompany to sell the state’s ownership, at the request of the prime minister andthe industry ministry.
Being listed will make Sabeco’s shares more attractive, especially as thecompany met its 2016 targeted profit within the first nine months.
As per the company’s nine-month combined financial report, its revenue is morethan 21.8 trillion VND, an increase of 9 per cent year on year, while its post-taxprofit is more than 3.65 trillion VND, an increase of 24 per cent year on year.
The State currently holds 89.6 per cent of Sabeco’s charter capital and plansto divest it in two phases. The first tranche of stake sale will be 53.6 percent of its ownership and will be conducted by the end of this year. Theremaining 36 per cent will be transferred next year after the company completesits listing. The total value of the state’s holding in Sabeco is about 40trillion VND.
Sabeco has been fined 100 million VND by the State Securities Commission fornot publishing company information in compliance with the laws on theirwebsites, such as the company’s 2014 and 2015 managerial reports, annualreports or the company’s charters.-VNA
The plan to divest State capital from major State-owned enterprises (SOEs) such as Sabeco and Habeco is good news for the market and will create a more favourable investment environment in Vietnam.
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A production line of Sabeco (Photo: zing.com) 
