Habeco to sell Carlsberg left-over shares

Tuesday, April 22, 2008
The Hanoi Beer Alcohol and Beverage Co (Habeco) will sell a portion of the shares left over from its undersubscribed initial public offering (IPO) to its foreign strategic partner, Denmark-based brewer Carlberg.
Habeco is working on a detailed plan for the sale of shares, according to a representative of the company’s accounting department.

”The price will be consistent with IPO price of 50,000 VND per share,” he said, noting, however, that the actual price to be paid by Carlsberg could not be disclosed.

Requesting anonymity, the representative added, “Carlsberg has expressed its desire to buy more shares. We chose to accept this offer in order to preserve our shares’ liquidity and develop our future cooperation.”

In late March, Habeco sold only 4.3 million out of the 34.7 million shares offered in its IPO. The average price was 50,015 VND per share.

Nguyen Tien Dung, an independent analyst, said that Habeco shares were a worthwhile investment because it was a giant, formerly State-owned enterprise working in beer and beverages, a high potential sector.

”Due to gloomy times on the stock market, investors didn’t realise this potential during the IPO. The auction was unsuccessful even though the offer price and volume seemed quite consistent with the state of the market.”

He also noted that the Government’s approval for the sale of additional shares to Carlberg could make investors regret turning up their noses at the IPO, as the shares are likely to strengthen due to Carlsberg’s interest.

According to a Habeco official, Habeco shares will be listed on the stock market later this year. (VNA)