VietNamNet Bridge – The Ministry of Industry and Trade (MOIT) has given the nod to the deal of Carlsberg Breweries A/S Group buying another 13 percent of Habeco’s stakes. However, the foreign partner would have to follow some technical procedures to wrap up the deal.

MOIT in late 2012 released a notice approving the sale of another 13 percent of stakes of Habeco, a big brewery company in Vietnam, at VND50,015 per share.

The buyer, Carlsberg, has got financially ready to implement the deal after it has remitted the sum of money to Vietnam. However, the extraordinary shareholders’ meeting Habeco planned to gather on December 7, 2012 was unexpectedly canceled.

Dau tu has quoted its sources as saying that the shareholders’ meeting was canceled, and the deal has not wrapped up because of a new happening. MOIT has requested Habeco and Carlsberg to sit together again and negotiate a strategic cooperation agreement which shows in details the next steps to be taken by the two sides in the cooperation process.

The agreement is believed to be the basic difference which differentiates strategic shareholders and normal investors.

Besides, MOIT has also told Habeco to submit a report reviewing the cooperation between the two sides over the last five years, since the day Carlsberg signed the cooperation agreement to become the strategic partner of Habeco.

In the report, Habeco needs to point out the works to be taken in the near future, when Carlsberg raises its ownership ratio in Habeco to 30 percent.

Only when all the works are completed as per the request by MOIT, the extraordinary shareholder’s meeting of Habeco to discuss the shares sale would take place.

Meanwhile, Tran Tuan Phong, Chair of Habeco, when asked about the deal, simply said Habeco is following the steps as instructed by MOIT.

Habeco has reported to the watchdog agency about the cooperation of the two parties over the last five years which was made in the fields of labor force training, marketing. The foreign group assisted Habeco to borrow capital, introduced the partners who can supply materials as committed in the cooperation agreement.

However, Habeco thinks that the cooperation over the last five years still remains below the expectations, partially because of the modest ownership ratio of 16 percent of Carlsberg in Habeco.

Meanwhile, only when Carlsberg holds 30 percent of stakes in a company and more, will the company be considered a member of Carlsberg groupwhich can receive the support from the group.

Carlsberg is reportedly drafting the strategic cooperation agreement with Habeco. It is expected that the agreement would be sent to MOIT for cooperation before the deal of transferring 13 percent of Habeco’s stakes gets finalized.

Rumor has been spread out that Habeco unexpectedly canceled the extraordinary shareholders’ meeting because it rethought the deal and tried to cancel the agreement. However, Habeco has denied this, saying that Habeco just wants to strictly follow the regulations stipulated by the laws in order to avoid troubles that may arise.

The fact that Carlsberg becomes the strategic shareholder of Habeco has been decided by the governments of Vietnam and Denmark already, which means that neither MOIT nor Habeco can refuse the deal.

Carlsberg is looking forward to becoming a big shareholder in Habeco. Once holding 30 percent of stakes of the Vietnamese brewery, Carlsberg would be able to expand its business in the Vietnamese market

Compiled by C. V