Sabeco fined for administrative misconduct
Sabeco fined for administrative misconduct
The State Security Commission of Viet Nam (SSC) issued a decision to fine the Sai Gon Alcohol Beer and Beverages Corporation (Sabeco) for alleged regulatory malpractice on the stock market.
According to the decision, Sabeco will be fined VND100 million (US$4391) for not publishing company information in compliance with the laws on their websites, such as the company’s 2014 and 2015 managerial reports, annual reports or the company’s charters.
In addition to their lack of publicly accessible information, Sabeco also failed to publish on the SSC’s own system the required documents, such as audited financial reports for 2014 and 2015, financial reports for the third and fourth quarter of 2014 and for all four quarters of 2015, as well as decrees, memoranda and documents from their annual shareholders meeting in 2015, and managerial reports for 2014 and 2015.
Previously, Sabeco announced their report for the third quarter of 2015, detailing their total income over VND7 trillion ($307.4 million) and net revenue of VND1.272 trillion ($55.8 million). The total income for the first 9 months of 2016 was VND21.822 trillion ($958.3million), along with posted tax of VND3.658 trillion ($160.6 million). This was an overall 24.5 per cent increase, compared to the same period in 2015.
Sabeco filed a listing application on the HCM Stock Exchange in early November 2016, eight years after its initial public offering in January 2008. With a total listing of 641 million shares, the company’s market value is estimated at VND70-80 trillion ($3-3.6 billion).
A major part of Sabeco’s income lies in the company’s beer sales, which accounted for VND18.821 trillion ($826.57 million) in 2016, besides its earnings from packaging, alcohol and soft drinks.
The company has also earned up to VND344 billion ($15.1 million) in bank deposit yields, as of September 30, 2016.
