Sunday , August 14 2022

Vietnamese brewery Sabeco removes foreign ownership


Sabeco's Saigon beer is being marketed in Hanoi, Vietnam on April 17, 2017. The image was taken on April 17, 2017 by Reuters.

Sabeca, the largest Sabac brewery company, announced on Monday it has removed all restrictions on foreign ownership, opening a $ 6.5 billion company for further investment from foreign strategic investors.

The government previously sold 53.6 percent of Thai Saba Sabec's stake to $ 4.8 billion in order to privatize state-owned companies to offset public debt growth. The Ministry of Industry still has 36 percent stake in Sabec with veto powers.

Thailand's owner and billionaire Charoen Sirivadhanabhakdi, aggressively collecting property in Vietnam, including Vinamilk, Metro Cash & Carri Vietnam and Melia Hanoi Hotel, are likely to take the opportunity to increase their stake in the brewery.

Sabeco, also known as Saigon Beer, was released in 2016, eight years after privatization. The company is currently one of the country's 10 largest companies in market capitalization. He was recently appointed to Neo Gim Siong Bennett, former executive director of ThaiBev F & N, as executive director.

Vietnam proposes removing the foreign ownership limit of 49% in the listed companies. Under existing legislation, if a company wants to remove a foreign limit, it must seek approval from its shareholders. The Vinamilk Dairy Company announced a similar move in 2016. The company counts ThaiBev F & N and Jardine Cicle & Carriage among the largest shareholders.

Also read:

Sabeco adds representatives of the majority owner of ThaiBev

ThaiBev gets a big stake in Vietnam with a $ 4.8b Sabeca stake

Tags: SABECO ThaiBev

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