RSA waffles on San Miguel’s bid for Vietnamese brewer Sabeco: No control, too expensive
Bilyonaryo Ramon S. Ang is having second thoughts on buying into Vietnamese brewer Saigon Beer Alcohol Beverage Corp. (Sabeco).
In a report by Inquirer’s Doris Dumlao-Abadilla, Ang was disappointed that Sabeco would sell less than majority share to a foreign investors.
“Originally, they said they will sell control of 51 percent but they are now selling minority shares. If they are only selling minority, we’ll still take a look at it if it offers good value but it seems very expensive,” said Ang.
The Vietnamese government is eyeing to raise $5 billion from the bidding for its 54 percent stake in Sabeco on December 18. This is more than three times the original valuation for Sabeco at $1.8 billion and that is for the state’s entire stake.
Foreign investors, however, can only own up to 49 percent of the company. Foreigners already own 10 percent of the firm with the remaining 90 percent held by the state.
Insidebeer.com reported that Thai Beverage PCL, Singha Corp., Asahi Group Holdings Ltd., Carlsberg A/S , Heineken NV, and AB InBev have their eyes on Sabeco.