VIETNAM: Habeco sees IPO fall behind schedule

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Hanoi Beer Alcohol and Beverage Corporation (Habeco) has postponed its IPO until this month, as tough trading conditions have made their presence felt.

The Vietnamese company told local reporters today (4 January) that the offering, of a 15% stake in the state-owned firm, will run in February, although Habeco had initially planned to launch the IPO last month.

Habeco's general director, Nguyen Van Viet, was cited in reports as saying that the IPO, which will initially price shares at VND50,000 (US$3.13) each, was delayed "due to the bad situation of the market".

Last week, Habeco's Vietnamese 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.

Sectors: Beer & cider

Companies: Carlsberg

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