November 12, 2018 / 5:43 AM / 9 months ago

Vietnam brewer Sabeco removes limit on foreign ownership

HANOI, Nov 12 (Reuters) - Vietnam’s largest brewer Sabeco said on Monday it has removed foreign ownership limit at the company.

The board of directors of the company, formally known as Saigon Beer Alcohol Beverage Corp, issued a resolution on Oct. 30 “approving the unrestricted foreign ownership percentage in Sabeco”, it said in a statement.

Sabeco, known for its Bia Saigon and 333 brews, did not specify the previous limit on foreign ownership at the company.

ThaiBev bought a 53.59 percent stake in Sabeco through a local entity last year for $4.84 billion.

Vietnam is drafting a securities law that would broadly remove the existing 49 percent foreign ownership cap on most local companies, after it allowed some to remove the cap following a decree issued in 2015. (Reporting by Khanh Vu; Editing by Himani Sarkar)

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