Carlsberg has succeeded in gaining an increased holding in Vietnamese brewer Hanoi Beer Alcohol and Beverage Co (Habeco).

The Denmark-based brewer, which said last month that it was hoping to get more than the 10% of shares reserved for it as part of Habeco's recent IPO, confirmed today (23 April) that it will acquire a 16% stake in the state-owned brewer. The increase follows the launch of Habeco's IPO late last month, which saw Habeco sell only 4.3m out of the 34.7m shares offered. The average price was VND50,015 (US$3.11) per share.

Carlsberg said it will pay the same price per share as other investors who participated in the offer. The total consideration to be paid by Carlsberg is around US$115.6m.

Habeco is market leader in the northern Vietnam where Carlsberg is present through its South East Asia Brewery joint venture. "The partnership will provide opportunities for both Habeco and Carlsberg to further jointly strengthen their market positions in northern Vietnam but also in central Vietnam where Carlsberg is market leader through its brewery joint venture in Hué," the company said.

"Habeco's choice of Carlsberg as strategic partner, and Carlsberg's entry as shareholder, is a crucial step forward for our businesses in Vietnam, and it creates a solid foundation for a continuation of the positive co-operation between Habeco and Carlsberg," said Carlsberg's senior vice president Jesper Madsen, responsible for Carlsberg's business in Asia.

Last year, Habeco and Carlsberg established a new joint venture in Vung Tau province outside of Ho Chi Minh City in the south of the country.