Sabeco to trade on HOSE on December 6
The Ho Chi Minh Stock Exchange (HOSE) has approved the listing of Vietnam’s largest brewer Sai Gon Beer, Alcohol and Beverage Corporation (Sabeco) at a starting price of 110,000 VND per share (4.89 USD).
A production line of Sabeco (Photo: zing.com)In a statement released on November 28 on its website, HOSE said it approved the listing of 641.2 million shares on November 25 and that these shares would be available for trading on December 6, earlier than the previous schedule of December 12, under the code SAB.
Sabeco’s market capitalisation will reach 70.5 trillion VND, making it the fifth largest listed firm on Vietnam’s stock market, behind dairy firm Vinamilk (VNM), PetroVietnam Gas Corp (GAS), Vietcombank (VCB) and property developer Vingroup JSC (VIC).
Vo Thanh Ha, Sabeco’s chairman, told local media on November 27 that the company was completing necessary procedures and selecting a consultancy company to sell the state’s ownership, at the request of the prime minister and the industry ministry.
Being listed will make Sabeco’s shares more attractive, especially as the company met its 2016 targeted profit within the first nine months.
As per the company’s nine-month combined financial report, its revenue is more than 21.8 trillion VND, an increase of 9 per cent year on year, while its post-tax profit is more than 3.65 trillion VND, an increase of 24 per cent year on year.
The State currently holds 89.6 per cent of Sabeco’s charter capital and plans to divest it in two phases. The first tranche of stake sale will be 53.6 per cent of its ownership and will be conducted by the end of this year. The remaining 36 per cent will be transferred next year after the company completes its listing. The total value of the state’s holding in Sabeco is about 40 trillion VND.
Sabeco has been fined 100 million VND by the State Securities Commission 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.-VNA
You should also see
Japanese Ambassador bids farewell to Acting President
Acting State President Vo Thi Anh Xuan on April 24 hosted a reception for Japanese Ambassador to Vietnam Yamada Takio who came to bid farewell to her.
See more
Business
Airlines requested to increase flights during upcoming holiday
The Civil Aviation Authority of Vietnam (CAAV) has asked Vietnam's airlines to consider increasing the number of flights from Hanoi and HCM City to localities on April 27, and from localities back to Hanoi and HCM City on May 1 to meet the demand for air transportation during the April 30 - May 1 holidays.
Business
Tra fish export to UAE jumps 67% in Q1
Vietnam’s tra fish export to the United Arab Emirates (UAE) reached more than 7 million USD in the first quarter of this year, a rise of 67% against the same period last year, according to statistics of the General Department of Customs.
Business
Vietnam seeks to remove obstacles in upgrade of securities market
The State Securities Commission of Vietnam (SSC) recently held an online working session with the World Bank (WB) and the Asia Securities Industry and Financial Markets Association (ASIFMA) to discuss ways to remove obstacles related to criteria for upgrading the Vietnamese securities market.
Business
Ca Mau: Conference connects Vietnamese, Chinese firms
A networking conference was held in the Mekong Delta province of Ca Mau on April 24, in a bid to connect 54 local enterprises, mostly operating in the seafood sector, to their Chinese peers.
Business
Mining Vietnam 2024 opens in Hanoi
The 6th International Mining and Minerals Recovery Exhibition for Vietnam (Mining Vietnam 2024) kicked off in Hanoi on April 24.
