VIETNAM: Carlsberg waits on larger Habeco stake
Carlsberg's Vietnamese joint venture is poised to take a larger stake than expected in Hanoi Beer Alcohol and Beverage Corporation (Habeco).
The Denmark-based company, which jointly operates South East Asia Brewery in Vietnam with Viet Ha Brewery and the Industrialisation Fund for Developing Countries, is hoping to get more than the 10% of shares reserved for it, as part of Habeco's recent IPO.
The state-owned Vietnamese brewer, which delayed the offering of a 15% stake until February, saw tough trading conditions result in the failure of a full subscription for the IPO.
Speaking to local journalists, Henrik Andersen, the director of South East Asia Brewery, said: "We have had 10% of the shares reserved for us, but it looks as if we can get more shares as the IPO has not been fully subscribed. The IPO deadline is today, so we won't know the exact result until tomorrow."
When contacted by just-drinks today (28 March), however, a spokesperson for Carlsberg in Asia said the subject would not be resolved for "at least a couple of weeks".
In January, Habeco's local rival, Saigon Beer Alcohol Beverage Corp (Sabeco), saw its IPO raise only 61% of what the company had hoped the offering would generate. A total of 78.4m of the 128.3m shares in Sabeco that were offered were sold, at an average price of VND70,003 each, bringing in a total of VND5.49 trillion (US$341m).
Last year, Habeco agreed to build a new brewery in the south of the country with Carlsberg. The two companies will hold a 29% stake each in the facility, which will be located just outside Ho Chi Minh City.
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