Sabeco, Vietnam’s largest brewer, has taken its first step towards a long-anticipated public listing.
The state-owned company has submitted documents to the Ministry of Industry and Trade, seeking approval to list itself on the Ho Chi Minh stock exchange’s VN Index. Sabeco has already held an IPO in 2008, which under local rules is separate from a stock listing.
The government values Sabeco at $2bn, and has a 89.6% stake in the brewer. Reports have said the government plans to sell a 53.6% stake this year, with the rest being sold in 2017.
The move will be keenly watched by rivals and the industry, given its dominant position in Asia’s third-largest market for beer.
No timeframe for the listing was detailed.