State to divest from top breweries, ministry says

Monday, Jul 17, 2017 08:44

A production line of the Sai Gon Beer, Alcohol and Beverage Corporation (Sabeco). — Photo

The State will divest from two major breweries in the country through the open tender method, a Trade Ministry official said on Friday.

Bui Truong Thang, deputy director of the Light Industry Department under the Ministry of Investment and Trade (MoIT), said at a press conference that the Sai Gon Beer, Alcohol and Beverage Corporation (Sabeco) and the Ha Noi Beer Alcohol and Beverage Joint Stock Corporation (Habeco) will submit their equitisation plans by the end of this month.

The State holds 89.59 per cent and 82 per cent stakes in Sabeco and Habeco, respectively.

Together, the two beer makers account for about 60 per cent of the domestic market, Sabeco dominating with40 per cent.

Thang also said that the MoIT has already submitted divestment and equitisation plans for Electricity of Viet Nam (EVN), Viet Nam National Oil and Gas Group (PVN) and Viet Nam National Chemical Group (Vinachem) to the Government.

He said a similar plan for Viet Nam National Coal and Mineral Industries Group (Vinacomin) will be submitted this month.

Deputy Minister Do Thang Hai said he has ordered close supervision of the equitisation process in order to avoid asset losses.

Hai also said that disciplinary action was likely to be taken against MoIT Deputy Minister Ho Thi Kim Thoa with the Party Central Committee’s Inspection Commission viewing her reported wrongdoings as serious.

Thoa is alleged to have committed several violations during her tenure as Party Comimittee Secretary and Director of the Dien Quang Lamp Company, including violations of regulations on equitisation, land management and share transfer. The ministry will announce the disciplinary action publicly when it is taken, Hai said.

According to the Party Central Committee’s Inspection Commission, as Party Committee Secretary and Director of Dien Quang Lamp Company from January 2004 to May 2010, Thoa violated regulations on business equitisation and procedures, and mishandled VND6.7 billion (some US$298,000) the company had received as interest rate exemption.

She also allegedly violated State regulations on land management when the Dien Quang Company signed a contract to jointly invest in land in HCM City with the Viet Nam Investment Construction Trade JSC without agreement and permission from the land owner and relevant authorities.

Furthermore, she did not report to the relevant authorities and “illegally handled” revenue worth VND30 billion ($1.3 million) by transferring land use rights for the plot.

Thoa is also said to have bought shares exceeding permitted levels and violated Dien Quang Company’s regulations on share transfer. — VNS

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