State to divest capital from Sabeco, Habeco via open tenders

Hanoi (VNA) – The State will divest its capital in the Saigon Beer, Alcohol and Beverage Corporation (Sabeco) and the Hanoi Beer Alcohol and Beverage Joint Stock Corporation (Habeco) through open tenders.

The information was released at the Ministry of Industry and Trade’s press conference on July 14.

Deputy head of the ministry’s Light Industry Department Bui Truong Thang said that Habeco will submit its State capital divestment plan to the ministry next week, while Sabeco will table it before July 31.

 

At present, the State is holding 89.59 percent and 82 percent of capital of Sabeco and Habeco, respectively.

Together the two beer producers account for about 60 percent of the domestic market share, with Sabeco making up 40 percent of the market share.

Also at the press conference, a representative from the ministry said that the ministry has to date submitted divestment and equitisation plans of the Electricity of Vietnam (EVN), the Vietnam National Oil and Gas Group (PVN) and the Vietnam National Chemical Group (Vinachem) to the Government.

Meanwhile, the plan of the Vietnam National Coal and Mineral Industries Group will be submitted within this month.

Deputy Minister Do Thanh Hai asked for close supervision during the equitisation process to avoid asset losses.

Regarding the case on violations of Deputy Minister of Trade and Industry Ho Thi Kim Thoa, he said that Thoa would likely be disciplined as the Party Central Committee’s Inspection Commission had viewed her wrongdoings as serious. The Ministry will announce the disciplinary measure publicly when it is issued.

According to the Party Central Committee’s Inspection Commission, while holding the position as Party Committee Secretary and Director of Dien Quang Lamp Company from January 2004 to May 2010, Thoa violated regulations on business equitisation and procedures and illegally handles loan interest exempted from banks worth 6.7 billion USD (some 298,000 USD).

She also violated State regulations on land management when the Dien Quang Company signed a contract to jointly invest in land in HCM City with Vietnam Investment Construction Trade JSC without agreement from the land owner and relevant authorities. She did not report relevant authorities to handle while illegally handled revenue worth 30 billion VND (1.3 million USD) from transferring the rights to exploit the land slot.

Thoa also bought shares exceeding allowed levels and violated Dien Quang Company’s regulations on share transfer.-VNA