In the next 2 months, Sabeco plans to spend nearly 1,000 billion to increase its ownership ratio in 2 companies: Saigon Binh Tay Beer Group Corporation (Sabibeco) and Saigon Mien Tay Beer Corporation (WSB).
In the next 2 months, Sabeco plans to spend nearly 1,000 billion to increase its ownership ratio in 2 companies: Saigon Binh Tay Beer Group Corporation (Sabibeco) and Saigon Mien Tay Beer Corporation (WSB).
Saigon Beer - Alcohol - Beverage Corporation (Sabeco - SAB) has announced a public offering to buy shares of Saigon Binh Tay Beer Group Corporation (Sabibeco - SBB) - owner of the Sagota beer product line.
Specifically, in order to increase the ownership ratio at Sabibeco and expand the scale of the Corporation's production and business activities, Sabeco plans to offer to buy more than 37.8 million SBB shares, equivalent to 43.2% of the total number of voting shares.
The offer price is 22,000 VND/share, so Sabeco will need to spend nearly 832 billion VND for this share purchase. The capital is taken from Sabeco's equity and other legal capital sources. This offer price is 29% higher than SBB's market price on the stock exchange, Sabibeco's shares are currently restricted from trading.
The tender offer period is from October 31 to December 25, 2024. During the tender offer period, Sabeco may increase the tender offer price (if necessary) to ensure Sabeco's interests. However, Sabeco may also withdraw the tender offer if the number of SBB shares registered does not reach the minimum ratio of 28.7% of the total outstanding shares; SBB reduces the number of voting shares or issues shares, convertible bonds, bonds with warrants or SBB sells the company's assets worth 35% of the total asset value.
Sabeco is currently a major shareholder of Sabibeco with a 16.4% stake. In addition, Binh Tay Wine JSC (a subsidiary of Sabeco) also holds more than 5.5 million SBB shares, equivalent to 6.3%.
If the entire expected purchase is completed, Sabeco will directly own 59.6% of Sabibeco and the total ownership ratio of Sabeco and related parties will reach 65.9%. After this transaction, Sabebico will become a subsidiary of Sabeco, increasing the number of existing subsidiaries to 27 companies.
Also in the coming time, Sabeco will spend money to increase its ownership ratio in a subsidiary, Saigon Beer Joint Stock Company (WSB).
Specifically, Sabeco plans to buy an additional 2 million WSB shares through negotiation from October 28 to November 25, 2024 to increase its ownership ratio at WSB from 70.55% to 84.46%. On UPCoM, WSB shares are trading at VND51,500/share (closing price on October 25), and Sabeco is expected to spend over VND100 billion on this transaction.
WSB has a fairly stable business situation. As of September 30, 2024, WSB's total assets reached VND 949 billion, the Debt/Equity ratio was 22%. In the first 9 months of 2024, WSB achieved VND 704 billion in net revenue and VND 58.8 billion in profit after tax.
Sabibeco has not yet announced its financial report for the third quarter of 2023, but the company has been continuously losing money since 2020. In the first 6 months of 2024, Sabibeco continued to record a net loss of VND 88 billion, a much higher loss than the same period last year (-VND 52 billion).
Source: https://baodautu.vn/sabeco-muon-chi-gan-nghin-ty-thau-tom-mot-cong-ty-bia-thua-lo-d228441.html
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