Ministry facilitates sale of major brewery stocks

14:22 | 14/10/2016 Finance - Banking

The Ministry of Industry and Trade (MoIT) issued a decision to establish a steering committee for the sale of shares of two leading brewery companies.

Ministry facilitates sale of major brewery stocks

A production line of Sabeco (Photo: cafef.vn)

The committee will aid the MoIT Minister in governing the sale of shares in Sabeco and Habeco as per entrustment from the Prime Minister, as well as assist in the construction and implementation of the two companies’ pestment from state funding in accordance with legal procedures.

In August, MoIT gave its approval for Sabeco and Habeco to be listed on the appropriate domestic stock exchanges before actually selling shares to interested investors.

Sabeco will be listed on the HCM Stock Exchange (HOSE), while Habeco will be listed on the market for stocks of unlisted public companies (UPCoM) of the Hanoi Stock Exchange (HNX).

During the Government’s monthly meeting on October 4, the Chairman of the Government’s Office, Minister Mai Tien Dung said: "The Prime Minister had tasked the two businesses with listing on the exchange in 2016. If a delay occurs, the governing body, which is the MoIT, will have to take full responsibility."

Nonetheless, according to MoIT Deputy Minister Hoang Quoc Vuong, despite the ministry’s effort to accelerate the process, legal procedures could postpone Sabeco’s and Habeco’s listing until early 2017.

Sabeco expects to pest 53.59% of its charter capital in 2016, equal to US$1.07 billion, and another US$716 million in 2017 upon their listing on the stock market. Habeco expects to completely pest its 81.79% of State owned capital valued at US$402 million in 2016.

The Vietnam Association of Financial Investors estimated that the Government could retrieve up to US$2.2 billion from pesting 89.6% of Sabeco’s shares and 82% of Habeco’s alone./.

 

Source: VNA

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