Sabeco, Habeco to list on stock exchanges: Government
Sabeco, Habeco to list on stock exchanges: Government
Two giant beverage producers Saigon Beer-Alcohol-Beverage JSC (Sabeco) and Hanoi Beer-Alcohol-Beverage JSC (Habeco) will have to list on the local exchanges in accordance with the country's regulations.
This was stated by Minister and Chairman of the Government Office Mai Tien Dung at the monthly Cabinet meeting on August 31.
Under the prime minister's guidance, the listing was mandatory, Dung said. Currently, the State has invested nearly 82 per cent of registered capital at Habeco and nearly 90 per cent at Sabeco.
Deputy Minister of Industry and Trade Do Thang Hai said the ministry had decided on the listing schedule and the amount of divestment of State-owned capital in the two companies.
The State will divest its entire 82 per cent of capital, equal to VND9 trillion (US$402.8 million), at Habeco this year, Hai said.
As for Sabeco, the divestment itinerary will be divided into two stages. In the first stage, nearly 54 per cent of capital, or VND24.5 trillion, will be divested this year. The second stage, with 36 per cent, or VND16 trillion, will be conducted in 2017, when Sabeco is already listed on the stock market.
"Divestment at the two companies will be carried out under the laws on securities and competition, eliminating monopoly and group interests," Hai said.
With reference to the corporate prices, Hai said the ministry would hire an independent consulting unit, which could be a domestic or foreign one, for assessment. In case the businesses were already listed, their trading prices on the stock market would be used as the reference at the auctions of the State-owned stakes.
The Ministry of Industry and Trade (MoIT) directed the two companies to conduct the listing in accordance with the regulations. After receiving the Prime Minister's decision, the ministry will conduct its tasks, such as hiring an independent consulting unit for assessing and organizing the auctions.
Deputy Minister of Finance Vu Thi Mai said the regulation requiring state-owned enterprises to list on the stock market after equitisation was mentioned in the prime minister's Decision 51/2014/QD-TTg, although there were a number of businesses that had "ignored listing".
Mai said the businesses' governing body needed to supervise the process to ensure businesses followed the regulations.
Earlier, Prime Minister Nguyen Xuan Phuc directed Habeco and Sabeco to list on the stock market before divesting their state-owned capital to ensure transparency and the best interests of the State.
Phuc directed the MoIT to publicly organize the bidding to select a prestigious, capable and experienced consulting unit to prevent wrong assessment, which would result in loss of State capital.
When divesting State capital in these companies, the PM noted that the auctions would be competitive, not discriminating between domestic and foreign partners. He, however, said there should be a legal method to protect national brand names such as Saigon Beer and Ha Noi beer.
