Business
Vietnam gov't will sell the remaining stake in Sabeco
Head of the Ministry of Finance`s Corporate Finance Department Dang Quyet Tien has announced that the government will sell the remaining 36% stake in Sabeco.
The Ministry of Industry and Trade on December 11 announced that an investor has registered to hold at least 25 per cent of the Saigon Beer, Alcohol and Beverage Corporation (Sabeco), of which the Government is going to sell stake equal to nearly US$5 billion.
According to the ministry’s announcement, Vietnam Beverage Co Ltd, a unit of Thai Beverage, has become the first investor to register to buy a large quantity of Sabeco shares at 8pm on December 11.
"The money collected after divestment will not be used to repay debts," he said.
In order to buy more than 50% stake at Sabeco, Thai Beverage had to do business via a local company, Vietnam Beverage.
When being asked whether the Thai investor deliberately evaded local laws, Tien said they had held a meeting with the legal body and inspection team to address the issue. The Ministry of Justice, Ministry of Public Security and especially the Ministry of Planning and Investment confirmed that the investor had obeyed the laws.
Tien suggested revising the law to make it easier for firms to do business in similar cases.
According to the Ministry of Finance, the government will continue to divest a total of VND100trn (US$ 4bn) from key firms next year including Binh Son Refinery, PV Power and PVOil. The state in the Vietnam Rubber Group may also be on the list. The auctions will be arranged throughout 2018.
The Treasury will use the funds raised through divestment to fund other development projects. The fund will also be used to deal with unemployment after divestment. How the money will be spent is already planned.
"The money collected after divestment will not be used to repay debts," he said.
In order to buy more than 50% stake at Sabeco, Thai Beverage had to do business via a local company, Vietnam Beverage.
When being asked whether the Thai investor deliberately evaded local laws, Tien said they had held a meeting with the legal body and inspection team to address the issue. The Ministry of Justice, Ministry of Public Security and especially the Ministry of Planning and Investment confirmed that the investor had obeyed the laws.
Tien suggested revising the law to make it easier for firms to do business in similar cases.
According to the Ministry of Finance, the government will continue to divest a total of VND100trn (US$ 4bn) from key firms next year including Binh Son Refinery, PV Power and PVOil. The state in the Vietnam Rubber Group may also be on the list. The auctions will be arranged throughout 2018.
The Treasury will use the funds raised through divestment to fund other development projects. The fund will also be used to deal with unemployment after divestment. How the money will be spent is already planned.
