Sabeco gets approval to list shares on HOSE
Sabeco gets approval to list shares on HOSE
The Ministry of Industry and Trade (MoIT) has approved Sai Gon Alcohol, Beer and Beverages Corporation's listing (Sabeco) on the HCM Stock Exchange (HOSE), an official said on September 26.
Sabeco will have 12 weeks from today to complete its plan for listing on HOSE and report to its management offices. It will then list its shares on the stock exchange, the official said.
Regarding the listed price of a Sabeco share, the official said under the plan, the consulting company will propose the selling price on the exchange. This will be the proposed price, but the offer price will be fixed according to market demand,cafef.vn reported.
In addition, after listing on HOSE, the state will continue to follow its plan and schedule selling more capital at Sabeco in the future.
The division managing state capital at Sabeco will propose to the company's management board to choose a consulting company with a good reputation and experience in listing shares, the ministry official said.
Presently, Sabeco is negotiating with Maybank Kim Eng Security Ltd Company and is expected to sign a consulting contract with the company.
On September 7, the Government Office reported conclusions of the prime minister on withdrawing state capital from Sabeco and Hà Nội Beer Alcohol and Beverages Corporation (Habeco). The government directed representatives of the state's capital at the two companies to list shares of the companies at the earliest.
On September 26, Habeco Chairman Do Xuan Ha told the Tien phong newspaper that his corporation has submitted its plan on withdrawing state capital to the MoIT and the corporation will implement the plan on listing shares as scheduled.
Thank to positive information about Sabeco's listing on HOSE, the offer price of Sabeco shares on the OTC market increased to VND100,000 per unit from VND80,000 in early August.
According to prices traded on the OTC, the capitalisation value of Sabeco shares reached VND65 trillion, including VNĐ57.5 trillion owned by the state.
Meanwhile, the current price of Habeco on the OTC market has moved a little higher to VND47,000-48,000 per unit compared with early August.
Sabeco is the largest Vietnamese beer company with 89.59 per cent of its total shares owned by the state.
According to the Viet Nam Beer Alcohol and Beverages Association, Vietnamese people consumed a total of 3.4 billion litres of beer in 2015. Sabeco holds 43 per cent of market share of the local market with total output of 1.52 billion litres of beer.
