Illustrative image (Source: internet)
Hanoi (VNA) – The State capital divestment in the country’s two largest brewers Habeco and Sabeco will be completed by the end of 2017.

Under a roadmap reported to the Government by the Ministry of Industry and Trade, all State capital in the Hanoi Beer Alcohol Beverage JSC (Habeco), equivalent to 9 trillion VND (405 million USD) will be sold within 2016, while the divestment at the Sai Gon Beer Alcohol Beverage JSC (Sabeco) will be implemented in two phases.

Up to 53.59 percent of Sabeco’s chartered capital – equivalent to 24 trillion VND (1.08 billion USD) will be sold in 2016, while the selloff of the remaining shares worth 16 trillion VND (720 million USD) will be finished after the firm lists in stock market in 2017.

The State holds nearly 82 percent and 90 percent of chartered capital of Habeco and Sabeco, respectively.

The divestment must be in accordance with the Law on Securities, Law on Enterprises, and Antitrust/Competition Law, Deputy Minister of Trade and Industry Do Thang Hai said.

All businesses must be listed on the stock exchange after equitisation, Minister-Chairman of the Government Office Mai Tien Dung said at Government’s monthly press conference in Hanoi on August 31.

The Prime Minister has requested Sabeco and Habeco to list as quickly as possible, he added.

At a meeting with representatives of ministries and sectors in Hanoi on August 29, Prime Minister Nguyen Xuan Phuc stated that Habeco and Sabeco must be listed on the stock exchange before the rest of the State’s holdings are sold.

The evaluation of the two beverage companies must be determined by public bidding to select the most capable and reliable consultancy firms to prevent the loss of the State’s investment, he said.-VNA