If the proposal of Saigon Beer, Alcohol and Beverage Corporation (Sabeco) to remove the foreign owned limit (FOL) is approved, it will open the doors for ThaiBev and other foreign investors to increase their share of the Vietnamese beer market. Sabeco’s proposal to remove the FOL could open the doors for further ThaiBev control The Board of Directors of Sabeco has recently submitted a document to the State Securities Commission of Vietnam (SSC) and the Ho Chi Minh City Stock Exchange (HSX) proposing the lifting of the FOL. At present, the Ministry of Industry and Trade represents the state-owned 36 per cent capital in Sabeco, while Vietnam Beverage owns 53.59 per cent. Vietnam Beverage is wholly-owned by Vietnam F&B Alliance Investment JSC, which is in turn indirectly owned by Beer Co., Ltd., a Hong Kong-based company wholly-owned by ThaiBev. Vietnam Beverage is a legal entity which was established in Vietnam to conduct the purchase of the Sabeco stake at the end of last year. Vietnam Beverage was established to circumvent the foreign ownership limit of 49 per cent allotted for a single company. By the end of the third quarter, Sabeco had total assets of VND23 trillion ($1 billion), 66… Read full this story
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