28 March, 2007

Vietnam: Vietnam Brewery Ltd acquires 2 Foster breweries

The Vietnam Brewery Ltd (VBL) on March 21 announced the acquisition of two Foster beer plants, in Danang and Tien Giang, from the Singapore-based Asia Pacific Breweries (APB), Vietnam News Briefs reported March 26.

A VBL official revealed the transfer, worth US$98.5 million, has been approved by APB Australia Pty Ltd., a member of APB, and the major owner of the two above breweries. The two sides now only need to complete related formalities

With the two new breweries, VBL will be the producer and distributor of Tiger, Heineken, Foster, Larue, BGI, Flag, Orangina and Song Han products in Vietnam

Last August, Australia's Foster Group Ltd decided to sell its breweries in Vietnam to APB at the price of US$105 million

APB is a joint venture between Singapore's Fraser & Neave Ltd and Amsterdam-based Heineken Beer Company. It is also an investor in VBL, a joint venture with the Sai Gon Trading Corporation of HCM City

David Teng, General Director of VBL said the two new breweries in Da Nang and Tien Giang confirm VBL's long-run strategy in Vietnam

Last year VBL ranked second among companies paying the highest taxes to the state budget with VND2,140 billion ($133.75 million)

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