Despite doing business with high profit and big brand name, many state enterprises that announced equitisation have not yet been able to list on the stock market, including two giants Saigon Beer – Alcohol – Beverage Joint Stock Co (Sabeco) and Habeco.
Talking to Dau Tu Chung Khoan newspaper, Trinh Tuyet Minh-deputy general director of Sabeco said that the delayed listing of this firm came from many reasons. First, according to the government-approved equitisation plan, after making initial public offering (IPO), the brewer will have to sell shares to strategic partners prior to the official listing. However, nearly three years after making IPO, the company has not had any strategic partner, partially because of the affect of global financial crisis.
Under regulations, Sabeco's selling price to strategic partners is disallowed being lower then the average winning price of 70,003 dong per share, so it finds hard in negotiations. Second, pursuant to Law on Securities, when listing, an enterprise must reach at least 20 percent of shares (embedded with voting right) held by at least 100 shareholders.
With the chartered capital of 6.412 trillion dong, state shareholders keep over 5.745 trillion dong or 88.59 percent in Sabeco and the remainder belongs to external shareholders and employees. After the first shareholders meeting in April 2008, Sabeco planned to sell state stakes but this to date has not been implemented yet.
According to Minh, Sabeco does not want to list now because its shares are being traded at low price. Listing at this time will affect strongly to the interests of shareholders who had to buy these shares at high prices. So seeking strategic partners both meet the government's requirements and help this firm upgrade the corporate administration capacity, develop products and support the share price. Because of aforementioned reasons, Sabeco had to delay listings for many times.
Better, Hanoi Beer Alcohol Beverage Joint Stock Co (Habeco) had selected the strategic partner named Carlsberg beer firm (Denmark) with the holding ratio of 16.07 percent. However, the state still holds up to 81.79 percent in Habeco, 1.88 percent of external shareholders and 16.33 percent of Carlsberg.
Le Ba Co, chair of Habeco said that his company is in following negotiations to sell another stake to the foreign strategic partner. In line with the agreement in late 2009, Carlsberg can raise its ownership ratio in local brewer to 30 percent.
On another hand, Habeco also plans to sell a part of state stake to external shareholders and employees. Accordingly, state shareholders' holding size in Habeco will be reduced from the current 81.79 percent to 65-70 percent. After all, Habeco will list on the stock market.
Factually, Vietcombank, a 100 percent state owned enterprise had to face similar troubles like Habeco and Sabeco as carrying out equitisation. However, Vietcombank still went public after gaining the government's approval.
Therefore, both brewers will have to carry out one of two plans: or dealing with current troubles or asking a personal mechanism from the government. Specialists said that both giants could not list within this year.
On the unofficial stock market, the shares of Habeco and Sabeco are changed hands at 35,000 dong/share and 43,500 dong/share.
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