HCM City (VNA) – The Sai Gon Alcohol Beverage Corp (Sabeco) plans to launch its initial public offering (IPO) this month, with a share auction at the Ho Chi Minh City Stock Exchange scheduled for January 28.
More than 128 million shares of Sabeco, or 20 percent of its total chartered capital of more than 6.4 trillion VND (400 million USD) will be auctioned. The starting price for the auction is 70,000 VND.
After the IPO the State will still hold a 79.6 percent stake. But the company plans a further issue this year, selling an additional stake of nearly 27 percent, with 20 percent targeting strategic partners.
The company plans to list on the HCM City Stock Exchange later this year.
The company, with popular products including Sai Gon Beer and Beer 333, has a market share of 35 percent in Viet Nam , according to General Director Nguyen Quang Minh.
Sabeco also sells its products to more than 20 markets overseas. Apart from investing in increased production capacity, the company targets expansion into new areas including food, travel and hotel, retail network, transportation and real estate, among others.
Last year, Sabeco netted a total profit of 610 billion VND and the figure is expected to rise to 619 billion VND this year and reach 1.035 trillion VND for 2010.-Enditem
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