There has been a new development in Vietnam’s largest beverage company Sabeco, in which the state has reduced its holding. Multi-sector investment group T&T is is looking to acquire a 100 per cent stake of the unfinished Phu Quoc Airport. The announcement follows the move of Vietnam Airlines and VietJet, which both want to purchase the Noi Bai International Airport’s Terminal T1.
After the German investor Hubert Burda funded the search engine startup with $14 million, Coc Coc’s co-founder has unveiled the company strategy regarding utilisation of funds.
Coc Coc unveils plans for using German investment
Co-founder of Vietnamese tech startup Coc Coc Le Van Thanh revealed the firm’s plans regarding the utilisation of $14 million invested in it, by the German media firm Hubert Burda Media.
Thanh said that besides improving the quality of its products, Coc Coc will carry out activities to penetrate international markets this year, and will launch its mobile browser version. He added that the company will invest in the sales and customer services, the bizhub.vn cited.
Thanh did not reveal the time frame of the firm for entering foreign markets. In Viet Nam, Coc Coc had taken three years to develop products before launching them. Therefore, the company needs to start now if it is targeting overseas markets, he added.
Peter Kennedy, executive chairman of Hubert Burda Media in Asia, said that the amount of $14 million will be transferred to Coc Coc within 18 months.
Of the amount, $10 million came from the German firm and $4 million was from other investors, including high-level managers of the company.
On being asked why his firm is investing in Coc Coc, Kennedy said that it was impressed by the growth of Coc Coc customers and the quality of its products. He added that the level of developers of the Vietnam-based company was relatively the same as the best developers in the world today.
He expressed the belief that if it is successful in Vietnam, Coc Coc can succeed in other countries, especially in the Asia-Pacific region.
T&T Group wants to buy Phu Quoc Airport
The group was the first to ask the ministry to approve its investment in the airport, after Minister of Transport Dinh La Thang asked the Airports Corporation of Vietnam (ACV) to prepare a pilot plan to sell 100 per cent stake in Phu Quoc Airport during a meeting held in Ha Noi at the end of last month.
The meeting discussed plans to mobilise social capital to invest in aviation infrastructure. If the pilot plan to sell the operational rights of Phu Quoc Airport is successful, ACV will continue to sell or transfer the operational rights of other airports.
The T&T Group expects to buy the airport either through an outright purchase or by receiving the operational rights and staff.
It has also pledged to continue investment in upgrading the airport, and will not transfer it to another party in the first five years.
The airport, located in Duong To Commune, became operational on December 15, 2012, with a total capital of VND3 trillion, or $141 million, mainly funded by ACV.
The airport can accommodate wide-body aircraft such as Boeing 777-300s, Boeing 747-400s and Airbus A380-800s. It was designed to handle 2.65 million passengers per year by 2020, and up to seven million passengers by 2030.
It caters to domestic flights between the island district and Ha Noi, HCM City and other cities that are operated by local carriers such as Vietnam Airlines, VietJet Air and Jetstar Pacific.
Also read: VietJet eyes Noi Bai Airport’s terminal T1
Ministry plans to sell 53% more in Sabeco
The Ministry of Industry and Trade of Vietnam has planned to offload 53 per cent in Vietnam’s major beverage firm Sabeco, to reduce the state holding from 89 per cent to 36 per cent, the company’s chairman Phan Dang Tuat revealed to domestic media.
The shares will be auctioned, but the price has yet to be defined.
Tuat also disclosed that more than 10 investors have registered to buy Sabeco shares, including foreign players such as Ashahi Breweries (Japan), Heineken (Netherlands), ThaiBev (Thailand) and SABMiller (USA). Domestically, the investors include Saigon Securities Inc and two other companies. The ministry will choose up to two investors.
Previously, ThaiBev, the owner of Chang Beer and Oishi, had asked the ministry to for a larger stake in Sabeco. It also valued the Vietnamese company at $2 billion. However, according to Tuat, the real corporate value of his company is more than that.
Sabeco currently holds full control in three subsidiaries and has investment in 19 affiliate firms. Last year, its profit reached VND3.67 trillion ($171.65 million), increasing almost 50 per cent year-on-year.
Its stock price, on the unlisted public company market (UPCoM), reached as high as VND76,000 ($3.56) on Wednesday.