STATE ASSET
Vietnam brewer Sabeco to auction hefty stake
Ho Chi Minh City/Singapore — Vietnam is to auction a stake of up to $5bn in state-owned brewer Sabeco on Monday. Thai Beverage is so far the only potential bidder to express an interest in a majority stake. The keenly awaited sale of the maker of Bia Saigon gained momentum in recent months after being dogged for years by fickle policy making, political resistance and complications in valuations. The government set a minimum price of 320,000 dong or $14.10 a share for Saigon Beer Alcohol Beverage Corporation (Sabeco), the share price of which nearly trebled to 309,200 dong since its listing a year ago. Thai Beverage, through a partly owned Vietnam unit, is the only company to express an interest in owning more than 25% of the company, which has about 40% of the beer-loving Vietnamese market. But so far no formal bid has been made. Vietnam’s young population and booming economy should make Sabeco an attractive asset for global brewers hoping to expand in Southeast Asia, but a high min...
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