The Vietnam Association of Financial Investors (VAFI) has proposed that the government urges Sabeco and Habeco, the two biggest brewers in the country, to list shares on the stock exchange in the second half of 2009 as the economy is recovering.
Saigon Beverage Corp. (Sabeco) and Hanoi Beverage Corp. (Habeco), although having carried out initial public offerings (IPO) in early 2008, have still been not keen on floating.
The Ministry of Industry and Trade argued the two companies will need to sell more state stake before listing shares. The low prices of these shares on the over-the-counter market will also hit the benefits of workers and state shareholders.
The listings will also not have significantly positive impact on the whole market, Deputy Minister of Industry and Trade Bui Xuan Khu said in a statement.
The state is holding a 89.5% stake in Sabeco which raised VND9 trillion in IPO January 28, 2008, and 81.7% in Habeco that mobilized VND219 billion from maiden share sale March 27, 2008.
Sabeco shares are traded at VND27,700, versus the IPO price of VND70,003. Habeco, a 16% stake held by Carlsberg, has shares traded at about VND25,000 against VND50,015 in IPO.
Since earlier 2009, VAFI suggested to speed up the listings and share sale of five big corporations including Vietcombank, Vietinbank, Sabeco, Habeco, and VMS MobiFone, four out of which have market value of over $1 billion. They will help raise the local stock market capitalization by 50% and draw interest of foreign investors, it said. (Vnexpress, CafeF)
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