ThaiBev's representatives to join Sabeco's board
Shareholders of Vietnam`s largest brewer Sabeco voted to add three representatives of Thai Beverage PCL to its management board, Sabeco said in a statement.
ThaiBev, which has 53.59% stake in Sabeco - formally known as Saigon Beer Alcohol Beverage Corp, complained to the Vietnamese government earlier this year that its proposed board members for Sabeco had not been accepted.
Sabeco in 2017 has produced 1.77 billion liters of beer alone.
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At a voting on Monday, shareholders approved the addition of ThaiBev's representatives to the Sabeco board, the Vietnamese brewer said in the statement on April 23.
One of the three newly elected board members is Singaporean Koh Poh Tiong, board director and adviser of Fraser and Neave Limited. Fraser and Neave is owned by Thai magnate Charoen Sirivadhanabhakdi, who also owns ThaiBev, maker of Chang beer.
The other two new board members are Malcolm Tan Tiang Hing, CEO of Shanghai-based beverage distributor Dexcel International, and Sunyaluck Chaikajornwat, partner of Thai law firm Weerawong, Chinnavat & Partners Ltd, Sabeco said in the statement.
ThaiBev won an auction in December to buy the stake in Sabeco, which sells brands such as Saigon Beer and 333. It bought the stake for US$4.84 billion, or about VND320,000 (US$14.03) per share.
Sabeco in 2017 has produced 1.77 billion liters of beer alone, an increase of 6.6% year-on-year, while the second largest domestic brewer, Hanoi Alcohol Beer and Beverage (Habeco), made 657.6 million liters, down 6.5%, according to Vietnam Beer Alcohol and Beverage Association (VBA).
In 2018, Sabeco set the target of increasing domestic market share to 42% and production to 1.84 billion liters, informed Sabeco at its shareholder meeting on January 12.
Sabeco expects to earn VND39.3 trillion (US$1.73 billion) in revenue in 2018, with net profit of VND 4.9 trillion (US$217 million), which is translated into growth rates of revenue and net profit of 11 and 2%, respectively.
Beer consumption in Vietnam was estimated to be over 4 billion liters, up 260,000 liters (6%) against 2016, according to VBA.
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