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Vinamilk divests stake in brewery   2009-03-26 - VietNamNet/VNS

Dairy giant Vinamilk has finalised the transfer of its US$31.8 million stake in the SABMiller Viet Nam joint venture to its partner SABMiller Asia Plc.

Explaining the move, Vinamilk general director Mai Kieu Lien said: "We would like to focus on our core business this year as we struggle with the current economic situation. The core business will help us enhance our position in the dairy market and maximise profits for the company’s shareholders."

The SABMiller Viet Nam joint venture becomes a solely foreign-invested enterprise operating a brewery in the southern province of Binh Duong.

Established as a joint venture in early 2006, the company has a total capital of $45 million.

"This acquisition will give us increased flexibility to implement various business initiatives in Viet Nam, and the new company will complement our existing beer businesses in the broader Asian region," said SABMiller Asia managing director Ari Mervis.

He said his company was looking forward to further developing and expanding its interests in the growing and attractive Vietnamese beer market.

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