Wednesday, April 01, 2020 6:30:13 PM - Markets open
VN-INDEX 680.23 +17.70/+2.67%
HNX-INDEX 95.61 +2.98/+3.21%
UPCOM-INDEX 48.63 +0.89/+1.86%
Sabeco meeting to add ThaiBev to board
http://vietnamnews.vn/ - 4/4/2018 9:55:07 AM
 (0 ratings. You must sign in to rate.)
The Ministry of Industry and Trade (MoIT) has asked the Saigon Beer-Alcohol-Beverage Corporation (Sabeco) to hold an extraordinary shareholders’ meeting to review personnel matters.
 
This request was made in response to the Thai Beverage Public Co Ltd (ThaiBev)’s query relating to its authority to participate in Sabeco’s management board.
 
In a recent letter sent to the Government, ThaiBev has expressed concern that until now it has not been directly involved in Sabeco’s management board, even though its ownership here has reached 53.59 per cent of charter capital.
 
Deputy Prime Minister Vương Đình Huệ asked the MoIT to handle the Thai beer company’s proposal.
 
In a sideline discussion at the Government’s meeting on April 2, Deputy Minister of Industry and Trade Đỗ Thắng Hải said the 2014 Law on Enterprise stipulates that a shareholder or a group of shareholders may officially participate in the company’s board of directors and board of supervisors if they own a 10 per cent equity or more for at least six months.
 
Meanwhile, ThaiBev has held Sabeco’s stake for about four months.
 
However, MoIT has sent a document to Sabeco, asking the company to hold an extraordinary shareholders’ meeting to make decisions on a personnel matter, Hải said.
 
In December 2017, ThaiBev, through its subsidiary Vietnam Beverage Co Ltd, purchased a 53.59 per cent share of Sabeco’s charter capital for nearly US$5 billion through an auction on the HCM Stock Exchange.
 
Sabeco will hold an extraordinary shareholders’ meeting to elect additional members for the board of directors on April 23. It is likely that ThaiBev will join the board then.
 
Sabeco’s management board has seven members including two independent ones. Currently, Sabeco has three members representing the State capital and one representative from Heineken, which holds 10 per cent stake in Sabeco.
 
Thus, Sabeco now lacks three board members. Vietnam Beverage has proposed three people to join the board, including Koh Poh Tiong, chairman of Beer Group, which owns a 49 per cent stake in Vietnam Beverage; Micheal Chye Hin Fah, legal representative of Vietnam Beverage and a board member of Vinamilk; and Trần Kim Nga, Vietnam Beverage CEO.
 
VOV online newspaper quoted a representative of MoIT saying that the two sides are discussing the principle of co-operation, creating the most favorable conditions on the basis of compliance with existing law.
 
Shares of Sabeco, coded SAB, declined 3.8 per cent yesterday to close at VNĐ229,000 ($10.04) per share. Sabeco’s shares have lost about 20 per cent since its share auction on December 19 last year. — VNS
 
Read original article here
Newer News
17:00 VTO: VTO allowed to delay the disclosure of financial statements
17:00 DHM: Delay in the disclosure of 2019 audited financial statements
17:00 UDC: UDC asks for a delay in the disclosure of financial statements
16:59 RDP: The 2019 audited financial statements allowed to delay the disclosure
16:59 RDP: RDP asks for a delay in the disclosure of financial statements
16:58 LGC: LGC asks for a delay in the disclosure of financial statements
16:58 KOS: Delay in the disclosure of 2019 audited financial statements
16:54 CMBB1905: The record date to exercise the covered warrant due to the expiry
16:53 CVRE1902: The record date to exercise the covered warrant due to the expiry
16:52 CVNM1904: The record date to exercise the covered warrant due to the expiry
Older News
03/04 VIC: Vinfast’s sedan, SVU models acquire IP protection in EU
02/04 HPG: Steelmaker Hoa Phat Group targets 2.42 billion USD in revenue
02/04 Vinamilk sets 2.46 bln USD in revenue in 2018
31/03 Vietjet receives newest A321 aircraft from Airbus
30/03 NBB: Real estate corp 577 loses US$27m after Carina Plaza fire
29/03 Pharmacy to fill 40% of FPT Retail revenue in four years
27/03 FLC Group to buy 24 Airbus aircraft
27/03 HVN: Vietnam Airlines, French partner cooperate in aircraft engine maintenance
27/03 Sugar stocks underperform on low price, ATIGA challenges
27/03 Bank profits expected to rise significantly in Q1
 
Newsletter Signup
Top Stories
Reference exchange rate down 5 VND on March 26
Reference exchange rate up 5 VND on March 18
Shares tumble over WHO declaration of COVID-19 pandemic
Tight co-ordination needed to ensure EVFTA benefits
VN shares mixed, but growth expected to return
Market Update
Last updated at 3:10:03 PM
VN-INDEX 680.23 +17.70/+2.67%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.