A production line of Sabeco (Photo: zing.com)
HCM City (VNA) - 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).

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