Ho Chi Minh City-based Saigon Beer, Alcohol and Beverage Corporation (Sabeco) on Monday held a press conference to announce its Initial Public Offering (IPO) which is to auction 20% of the company’s equity on January 28.
Sabeco will issue 641,281,186 shares at a face value of VND10,000 (US$0.625) each.
According to Sabeco, 0.39 percent of its equity will be sold to its employees at preferential prices while 20 percent, which works out at 128,257,000 shares, will be auctioned to the public,
This will raise some US$80 million for the country’s largest state-owned brewer where the state holds 79.61 percent of its charter capital.
Sabeco is currently capitalized at VND8.618 trillion, of which the state owns VND6.412 trillion.
The firm has 11 subsidiaries and 24 affiliated companies.
In 2007, Sabeco’s total turnover was VND9.172 trillion, pre-tax profits reached VND1.123 trillion, and contributed VND2.976 trillion to the treasury. Its exports reached over US$4.46 million.
In other news, the Ocean Commercial Joint-stock Bank (Ocean Bank) on Monday officially issued bills of exchange worth VND2 trillion and US$10 million.
