Saigon Securities Inc. (SSI) has denied the rumour published by Bloomberg that it is racing to tender an offer at Saigon Beer, Alcohol and Beverage (Sabeco)’s auction.
According to Bloomberg, Sabeco’s chief executive officer Le Hong Xanh stated that Heineken, Anheuser-Busch InBev and its merger partner SABMiller Plc., as well as Asahi Group Holdings Ltd., and Kirin Holdings Co. are among the seven foreign companies that registered to bid for Sabeco. In addition, Singha Asia Holding Pte. Ltd. and Thai Beverage Pcl. are also to pick up the gauntlet at Sabeco’s auction. SSI is currently the only domestic investor registered to participate in the bid.
However, in an interview with Vneconomy, chairman cum general director of SSI Nguyen Duy Hung said that SSI planned to buy Sabeco’s stake four years ago but not anymore. SSI does not understand why it is listed on Bloomberg’s list.
The news took flight when the state announced plans to complete the divestment from Sabeco and Hanoi Beer, Alcohol and Beverage JSC (Habeco) within 16 months.
Vietnamese beer maker Sabeco currently has a total asset value of VND18.13 trillion ($817.49 million). The state holds an 89.59 per cent stake in the company and plans to divest from the company in two phases. The first phase will be implemented in 2016 offering a 53.59 per cent stake, worth VND24.5 trillion ($1.09 billion), to investors, while the remaining 36 per cent, worth VND16 trillion ($717.47 million), will be issued in 2017 after Sabeco is listed on the stock exchange.
According to Sabeco’s financial report, in the first six months of the year, the company earned VND14.3 trillion ($644.79 million) in revenue, with a pre-tax profit of VND1.97 trillion ($88.83 million). It currently has VND8.2 trillion ($369.7 million) in short-term deposits with an annual interest rate of 5.5-6.2 per cent, and VND1.17 trillion ($52.76 million) in long-term deposits with an annual interest rate of 6.2-7.2 per cent.
In addition, the company invested VND4.07 trillion ($183.5 million) in its subsidiaries and joint ventures. However, it has to set a provision of VND490 billion ($22.09 million).
By By Ha Vy