Carlsberg, Habeco deal set for November

A deal that allows global brewer Carlsberg to increase its stake in Viet Nam’s second largest brewer Habeco could be finalised in November.- Photo cafef.vn

According to Habeco deputy general director Vuong Toan, Carlsberg, as Habeco’s strategic investor, already owns 17.5 per cent stake in the Vietnamese brewer, including 16 per cent stake purchased in Habeco’s 2009 IPO and the remainder bought on the stock market.

Under the co-operative agreement that was signed between the two firms in 2009, Carlsberg would be allowed to top of the list of potential investors when Habeco offers its remaining shares for sale, Toan said at a meeting early this month.

"That is why Carlsberg has the priority in negotiations with Habeco when the Government approved the offloading of its stake in Habeco by the end of this year," he said.

Toan added that the two sides had failed to reach a new agreement on Carlsberg’s next purchase of shares in Habeco as the agreement must assure the State would receive the maximum possible revenue from the deal.

The two sides had held nine negotiations on the next deal, he said, adding that the final one was scheduled on November 15.

It is believed that the Danish brewer plans to possess more than 51 per cent of the Vietnamese brewer.

However, as Habeco also operates in the real estate sector, along with food and beverage production, the Government has not approved foreign investors to purchase more than 49 per cent of the firm’s capital.

According to the local media, Habeco and Carlsberg have not reached a new agreement on the possible share price.

Habeco wants to sell its shares at a reasonable price, which would ensure funds for the State budget, while the Danish brewer wants to purchase more shares at Habeco’s initial public offering (IPO) price level.

Habeco’s shares started trading on the Unlisted Public Company Market (UPCoM) under code BHN in late October 2016 and moved to the HCM Stock Exchange in January 2017.

BHN closed Wednesday’s trading at VND107,000 (US$4.75) per share, an increase of 156 per cent from its initial trading price level and some 100 per cent from its IPO price in 2008.