San Miguel to bid for Vietnam’s leading beer producer
San Miguel Corp. today said it will bid for Vietnam’s Saigon Alcohol Beer and Beverage Corp. that its government plans to auction this year.
In a disclosure to the stock exchange, San Miguel said it “shall participate in the public bidding that will be conducted by the Vietnamese government for the sale of 89.59% of Saigon Alcohol Beer and Beverage Corp. the leading beer producer in Vietnam.”
According to newspaper reports, the Vietnamese government is selling Saigon Beer Alcohol and Beverage Corp. for some $1.8 billion and the Hanoi Beer Alcohol Beverage Corp. for $404 million. Proceeds from the sale will be used to fund government’s infrastructure projects.
San Miguel Brewery reported a record performance last year with revenues hitting P97.2 billion, an 18-percent growth from 2015 levels, with its net income jumping by 31 percent to P17.7 billion.
San Miguel said it expects its net profit to rise by 20 percent to P60 billion this year.