Sai Gon Beer, Alcohol and Beverage Corporation (Sabeco) has announced it will organise auctions to select consultancy firms to sell state ownership in the company.

Viet Nam’s largest brewer said in a statement sent to the HCM Stock Exchange on December 20 that the selected consultants will develop plans and complete required procedures for divestment.

Sabeco also allows the representatives of the state holding to use resources at the company to implement the divestment plan.

The state currently holds nearly 89.6 per cent of Sabeco’s capital and the divestment plan is projected to be executed in April 2017.

Sabeco listed on the HCM Stock Exchange with code SAB on December 6. The company's shares have soared nearly 54 per cent to close at VND203,000 (US$9) per share on December 22. 

VNS