Thai company ThaiBev has dismissed rumors it wants to sell Vietnam’s biggest brewer Sabeco.
“It’s our crown jewel, a rare asset among all brewing assets in the region,” said Thapana Sirivadhanabhakdi, CEO of ThaiBev Group, as said at the company’s annual press conference Tuesday.
He was asked about rumors that the Thai giant plans to sell Sabeco. They have been cropping up now and then since it acquired the brewer in 2017, the maker of Saigon Beer, which has a 40% market share in Vietnam.
ThaiBev owns a 54% stake in Sabeco, the Vietnam State Capital Investment Corporation holds 36%, and the remaining 10% is with other foreign investors.
ThaiBev is not looking to buy SCIC’s stake, Michael Chye Hin Fah, CEO of brewery arm BeerCo, said.
Sirivadhanabhakdi said: “If you ask me personally, I definitely want to see the Vietnamese government let go to local Vietnamese investors. If there is more liquidity in the market that will definitely help improve the overall valuation for Sabeco.”
Sabeco saw third-quarter revenues rise 25% year-on-year to VND9 trillion.
Its profit was up at VND1.79 trillion (US$75.4 million), the highest since it was acquired by ThaiBev.
Vietnam is the biggest beer consumer in Southeast Asia and the ninth biggest in the world.