Saigon-Can Tho Beer Factory under Saigon Beer, Alcohol and Beverages Corp (Sabeco) held April 4 the first shareholder meeting and approved to transform the factory into Saigon-Can Tho Beer Holding Co (Sacabeco).
Accordingly, Sacabeco will be put into operation on May 1 with a chartered capital of 90 billion dong including 900,000 shares with par of 100,000 each, of which the state retains 51% equity, the remaining shares will be sold to company employees and external investors.
Sacabeco plans to turn out 22 million litres of various types of beer and earn 157 billion dong in 2005. The brewery plans to increase production capacity to 50 million litres of beer a year in 2007.
On the same day, Saigon-Soc Trang beer factory was also transformed into Saigon-Soc Trang Beer Joint-stock Co.