Heineken Asia Pacific on November 15 announced the sale of nearly 5.2 million shares of Saigon Beer Alcohol Beverage Corp (Sabeco) or 0.81% of total voting shares, effectively ending its status as a major shareholder of Vietnam’s largest brewer, according to a filing to Ho Chi Minh City Stock Exchange (HoSE).

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Following the deal, Heineken now holds 2.5 million shares, or 0.39% of total voting shares of Sabeco. With 25.2 million shares owned by related persons or 3.93% of voting shares, Heineken and related persons hold a total of 27.6 million shares, representing 4.32% of total voting shares.

At the close on November 15, Sabeco shares stood at VND252,000 (US$10.88) each.

Heineken was a direct competitor of Thaibev for the acquisition of Sabeco in late 2017. Being the brewer’s major shareholder at that time, a successful deal would help Heineken dominate Vietnam’s beer market completely.

However, Thaibev, owned by billionaire Charoen Sirivadhanabhakdi, won the race by spending US$4.89 billion for a nearly 54% stake of Sabeco.

A report of the FPTS securities company revealed Heineken Vietnam occupied 23% of the Vietnamese beer market by the end of 2018, behind Sabeco which took the largest share of 40.9%.

In the first nine months of 2019, Sabeco recorded consolidated revenue of VND28.17 trillion (US$1.21 billion) and a pre-tax profit of VND5.25 trillion (US$226.7 million), significant rising from corresponding figures a year earlier.

Meanwhile, Vietnam is estimated to make up 10% of US$4.3 billion in Heineken’s revenue in 2018, according to a source cited by Reuters. The country is also the second biggest source of profit for the Netherlands-based brewer, behind only Mexico.

As of present, Thaibev, through its local unit Vietnam Beverage, and Vietnam’s Ministry of Industry and Trade (MoIT) are two major shareholders of Sabeco, holding 53.59% and 36% stakes, respectively.