VIETNAM January 2020
ThaiBev denies rumors that it is selling Sabeco stake
Thailand’s beverage giant, Thai Beverage Public Co Ltd (ThaiBev) has denied rumours that it is seeking potential investors to buy over its brewery business in Vietnam.
The rumours started late last year after ThaiBev President Charoen Sirivadhanabhakdi announced his plan to launch an IPO for the company’s beer division in Singapore for US$2 billion, sparking speculation that ThaiBev is finding ways to exit from its Vietnamese investment in Saigon Beer-Alcohol-Beverage Corporation (Sabeco).
ThaiBev, through its subsidiary Vietnam Beverage Co Ltd, released a statement that it is confident in its business in Vietnam and remains strongly committed to making Sabeco and Bia Saigon the pride of Vietnam. Vietnam continues to be one of ThaiBev’ core markets and is integral to its goal of becoming a stable and sustainable leader in Southeast Asia’s beverage industry.
ThaiBev also said that its planned IPO listing is ‘still in its early stage and there is no assurance that it will occur’.
In December 2017, ThaiBev purchased nearly 54% stake in state-owned Sabeco for almost US$5 billion, which is at a premium compared to its market valuation. ThaiBev paid 32 times pre-tax earnings for Sabeco stake.
In the first 9 months of 2019, Sabeco posted Dong 28.3 trillion (US$1.22 billion) in combined revenue and Dong 4.28 trillion (US$184.6 million) in combined post-tax profit, which were 10.5% and 23% growth from previous period respectively. Vietnam is a key growth market for beer in the Asian region.
Currently, ThaiBev is the No.1 market player in the beer segment in ASEAN.



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