Vietnam to sell remaining 36% stake in largest brewer Sabeco

FILE PHOTO: Bottles of beer move along a production line at a factory of Saigon Beer Corporation (Sabeco) in Hanoi, Vietnam May 26, 2015. REUTERS/Kham/File Photo

Vietnam’s government will sell its remaining 36% stake in the country’s largest brewer Sabeco by the end of this year, according to a government document released this week.

Vietnam has been seeking to speed up its privatisation of state-owned firms in recent years to improve their performance and to fill its coffers.

Sabeco, formally known as Saigon Beer Alcohol Beverage Corp., has a market capitalisation of $4.5 billion, according to Refinitiv data.

The Ministry of Industry and Trade will complete the transfer of the stake to the state-owned State Capital Investment Corp (SCIC) by the end of August to pave the way for the sale, the June 29 document said.

A SCIC official said on Thursday it did not have a detailed plan for the sale yet. A Sabeco spokeswoman said the brewer had no immediate comment on the issue.

Apart from Sabeco, the government is also seeking to sell all or part of its stakes at more than 150 other companies, including Vietnam National Petroleum Group and Vietnam Airlines, according to the document.

The government in 2017 sold a 53.59% stake in Sabeco to ThaiBev through a local entity for $4.84 billion. A year later, Sabeco, known for Bia Saigon and 333 brews, removed the foreign ownership limit at the company.

Sabeco said last month its business was beginning to regain momentum after suffering from the impact of the COVID-19 pandemic and tough local drink-driving laws earlier this year.

Reuters

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.