In its latest announcement, VSD said the shares (2.3% of Sabeco's charter capital) were bought from Nogard by seven funds of Dragon Capital, including Aquila SPC Ltd. Hanoi Investments Holdings Limited, KB Vietnam Focus Balanced Fund, Norges Bank, DC Developing Markets Strategies Public Limited Company, Vietnam Enterprise Investments Limited (VEIL), and Viola Ltd.
Dragon Capital acquiring 15.3% Sabeco's shares.
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The transaction's value was not disclosed. However, based on Sabeco's share price of VND214,000 (US$9.4) on March 15, the transaction's value is estimated at VND3.27 trillion (US$143.8 million).
Currently, the Ministry of Industry and Trade and Vietnam Beverage, a local unit where ThaiBev hold major shareholdings, own approximately 89.6% of Vietnam's largest brewer. The rest is owned by Dragon Capital and some other investors.
Last December, Sabeco sold nearly 54% stake to Vietnam Beverage for US$4.89 billion. ThaiBev, controlled by tycoon Charoen Sirivadhanabhakdi, through its local unit Vietnam Beverage, purchased 343.42 million shares at the starting price of US$14.05. The only other bidder, a Vietnamese individual, bought 20,000 shares, or 0.003%, at a price of US$14.07 each.
The Sabeco deal is said to allow ThaiBev to boost its chain of investments in Vietnam. Through its Fraser and Neave Ltd. investment unit, it also holds a 16% stake in Vinamilk, the country's largest dairy firm and 49% stake in a Vietnamese food and beverage company, Vietnam F&B Alliance Investment Joint Stock Co.
Sabeco in 2017 has produced 1.77 billion liters of beer alone, an increase of 6.6% year-on-year, while the second largest domestic brewer, Hanoi Alcohol Beer and Beverage (Habeco), made 657.6 million liters, down 6.5%, according to Vietnam Beer Alcohol and Beverage Association (VBA).
In 2018, Sabeco set the target of increasing domestic market share to 42% and production to 1.84 billion liters, informed Sabeco at its shareholder meeting on January 12.
Sabeco expects to earn VND39.3 trillion (US$1.73 billion) in revenue in 2018, with net profit of VND 4.9 trillion (US$217 million), which is translated into growth rates of revenue and net profit of 11 and 2%, respectively.
Beer consumption in Vietnam was estimated to be over 4 billion liters, up 260,000 liters (6%) against 2016, according to VBA.
