Ministry facilitates sale of major brewery stocks
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.
The steering committee will be headed by MoIT Deputy Minister Cao Quoc Hung and consist of 10 other members from MoIT’s authoritative departments and directors of Sabeco and Habeco.
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| 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’ divestment from state funding in accordance with legal procedures.
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 divest 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 divest 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 divesting 89.6% of Sabeco’s shares and 82% of Habeco’s alone.
