One of Thailand's richest tycoons is looking to buy a quarter of Vietnam's largest beer maker. If the bid is successful, it would be a multi-million-dollar deal and one of the largest foreign investments in the Asian frontier market.
Vietnam Beverage Co., a unit of Singapore-listed Thai Beverage PCL has submitted a bid to acquire at least a 25% stake in state-owned Saigon Beer Alcohol Beverage Corp., known as Sabeco, according to a statement from the Vietnam's Ministry of Industry and Trade on Tuesday.
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Thai Bev, which is owned by billionaire Charoen Sirivadhanabhakdi, will have to pay about US$2.25 billion for the stake in Sabeco, which currently has a market capitalization of US$9 billion.
The statement didn't provide details of the offer price, but the government in late November said that it was selling a 53.6% stake in Sabeco via auction. It had set a base price of 320,000 Vietnamese dong (US$14.05) per share.
The Vietnam government currently owns about 90% of Sabeco.
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(END) Dow Jones Newswires
December 11, 2017 21:36 ET (02:36 GMT)