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Ministry targets US$5 billion from sale of Sabeco stake
http://english.thesaigontimes.vn/ - 12/1/2017 9:32:34 AM
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The Ministry of Industry and Trade, after several delays, on November 29 announced the starting price of VND320,000 per share, quite high compared to market prices, at a roadshow in HCMC. This price is equivalent to the closing price of Sabeco shares (coded SAB) on the Hochiminh Stock Exchange (HOSE) on Tuesday.
 
According to the ministry, the Government has permitted the sale of State-held shares equivalent to 53.59% of Sabeco’s chartered capital, thus reducing the State stake in the brewery from 89.59% to 36%. The remaining shares are sufficient for the State to have veto rights at Sabeco.
 
According to Truong Thanh Hoai, director of the ministry’s Heavy Industries Department, foreign investors showed keen interest in Sabeco at the roadshows in Singapore and London owing to the brewery’s high profitability. There is no chance that the brewery brand would disappear following foreign acquisitions of huge volumes of shares since the State still has a 36% stake with veto power. 
 
The share sale will not be divided into stages but be made all at once, depending on the market’s absorption.
Local investors are not confined to a certain volume out of 343 million shares on offer, whereas the foreign ownership cap is 49%. Given the SAB shares that foreign investors are holding, the room left for foreign investors in Sabeco is 38.59%, equivalent to around 247 million shares.
 
At the share auction on December 18, investors can bid either in local or foreign currencies, or in the form of guarantee.
 
LAN NHI
 
Read original article here
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