Wednesday, 26 Jun 2019
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ECONOMY

Sabeco executive refutes rumor on selling shares to Chinese investors

Updated at Saturday, 13 Apr 2019, 12:38
The Hanoitimes - Thaibev does not have plan to increase stake holding at Sabeco at the moment, although the company’s foreign ownership cap has been removed.
Koh Poh Tiong, board chairman of leading domestic brewer Saigon Beer Alcohol Beverage Corp (Sabeco), has refuted the rumor on selling shares to Chinese investors, stated Sabeco. 
 
Overview of the meeting.
Overview of the meeting.
Sabeco, Fraser and Neave (F&N) and Thaibev do not have Chinese shareholders, said Koh, who is also board director and advisor of Thaibev’s subsidiary Singapore-based Fraser and Neave, at Sabeco’s annual general meeting on April 12, adding no shareholders are Chinese. 

Koh said Thaibev does not have plan to increase stake holding at Sabeco at the moment, although the company’s foreign ownership cap has been lifted to 100% from the earlier 49%. 

In December 2017, ThaiBev, controlled by tycoon Charoen Sirivadhanabhakdi, through its local unit Vietnam Beverage, purchased 323.42 million shares or nearly 54% stake of Sabeco for US$4.89 billion. 

Koh said there is still room for Sabeco to grow in terms of revenue and market share. The brewer currently holds 40% share of the domestic market, followed by Heineken Hanoi Beer Alcohol Beverage (Habeco) and Carlsberg. 

In the next few years, when the growth of beer consumption in the world market becomes saturated, Vietnam’s beer market is expected to maintain a 5% annual growth rate, Koh predicted. 

Sabeco, thus, would focus resources on cementing its leading position in the local market before taking the brand abroad, especially as the company is facing fierce competition from its domestic rival Habeco in Hanoi and Ho Chi Minh City, he stated. 

The brewer company set target for beer consumption at 1.91 billion liters in 2019, representing an increase of 6% year-on-year, while revenue and after-tax profit are projected to reach VND38.87 trillion (US$1.67 billion) and VND4.71 trillion (US$203.18 million), up 8% and 7% year-on-year, respectively. 
Nguyen Tung
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