Drinking money

1 December 2017 By Clara Ferreira Marques Follow @ClaraMarquesRTR

The young, hops-happy country is in the sights of big brewers like Asahi and AB InBev. Global growth is as dull as a flat pint. But the presence of entrenched interests, tech-like multiples and the mixed experience of early players should give pause.

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Vietnam said on Nov. 29 that it would start the sale of a majority stake in state-owned Saigon Beer Alcohol Beverage Corp, commonly known as Sabeco, which is the country’s biggest brewer. The sale is set for Dec. 18.

Foreign firms including Japan’s Asahi Group Holding, Belgium’s Anheuser-Busch InBev and San Miguel Corp of the Philippines have shown interest in the brewer since it was earmarked for privatization. Heineken holds a 5 percent stake.

Shares in Sabeco have tripled since its listing a year ago and closed on Nov. 30 at 329,000 dong each. The minimum sale price has been set at 320,000 dong per share.

The Vietnamese government has capped total foreign ownership at 49 percent.

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Drinking money

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