ThaiBev unit clinches Vietnamese brewer for S$6.5b

A worker checks for faults on beer bottles moving along a production line in a factory of Saigon Beer Corporation (Sabeco) in Hanoi, Vietnam.
A worker checks for faults on beer bottles moving along a production line in a factory of Saigon Beer Corporation (Sabeco) in Hanoi, Vietnam. PHOTO: REUTERS

SINGAPORE - Thai Beverage Public Co's associated company Vietnam Beverage has won its bid to buy a 53.6 per cent stake in state-owned Vietnamese brewer Saigon Beer Alcohol Beverage Joint Stock Corp (Sabeco) for about 109.97 trillion Vietnamese dong (S$6.5 billion), excluding transaction expenses.

Vietnam Beverage, in which ThaiBev has a 49 per cent stake, had submitted its bid to acquire 343.6 million Sabeco shares from the Ministry of Industry and Trade of the Socialist Republic of Vietnam at a price of 320,000 Vietnamese dong per share.

Vietnam Beverage will be financing the consideration through a mix of its existing equity capital and loans.

ThaiBev shares will resume trading at 10am on Tuesday (Dec 19).