VietNamNet Bridge - A representative of the Ministry of Finance (MOF) said after the sales of Sabeco and Vinamilk,  PetroVietnam, Binh Son Refinery (BSR), PV Power, PV Oil and the subsidiaries of the Vietnam Rubber Group (VRG) will be put on sale in 2018.

The market will see many big IPOs in 2018

Dang Quyet Tien from MOF said the market will continue to see many big equitisation deals in 2018.

However, Tien said, unlike 2017, divestment will be implemented throughout the year, not only at certain moments. In the past, big affairs were carried out in the last months of the year, so the market was cool in the first months. But this will not occur in 2018.

Thien said that a Thai billionaire had not ‘dodged laws’ when taking over Sabeco, Vietnam’s largest brewer, through Vietnam Beverage, the enterprise where he holds a 49 percent stake.

He said the Thai investor observed Vietnamese law. Enterprises with no more than 49 percent of foreign ownership are considered Vietnamese enterprises.

Tien said that in the case of Sabeco, the stake sale was implemented in accordance with current laws. The Ministries of Justice, Planning and Investment and Police all examined the deal and concluded that all legal procedures were strictly observed.

When asked how the state would use the $5 billion collected from Sabeco stake sale, Tien said it will be transmitted to the State Treasury and would not be used for debt payment.

MOF announced that by December 20, 2017, appropriate agencies had approved the equitization plans of 45 enterprises with total value of VND213.747 trillion and state capital value of VND88.39 trillion.

CafeF has reported that about $1 billion will be needed to ‘absorb’ the four ‘blockbuster’ IPOs to be made in early 2018. 

These include the IPOs of the largest companies in their business fields: VRG, BSR, PV Oil and PV Power.

Dau Tu reported that the list of investors queuing up to become BSR’s strategic investor was extended by the joining of Repsol Energy Group from Spain and Tin Thanh Group.

VRG’s valuation is at VND50 trillion ($2.2 billion) and its IPO has value of VND13 trillion. Meanwhile, BSR’s actual value is VND73 trillion ($3.2 billion) and PV Oil’s valuation is at VND12 trillion ($520 million).

BSR plans to have an IPO on January 17, 2018, PV Oil on January 25 and PV Power on January 31. VRG’s IPO will be carried out within the first quarter of the year.

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