VBL acquires two Foster beer plants
08:22' 22/03/2007 (GMT+7)
VietNamNet Bridge - The Vietnam Brewery Ltd (VBL) Wednesday received the announcement about the implementation of formalities to acquire two Foster beer plants in Da Nang and Tien Giang from the Singapore-based Asia Pacific Breweries (APB).
An official of VBL revealed that 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 need to complete related formalities only.
With the two new breweries, VBL will be the producers and distributors 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 of VBL, a joint venture with the Sai Gon Trading Corporation of HCM City.
David Teng, General Director of VBL said that VBL confirms its long-run strategy in Vietnam with the two new breweries in Da Nang and Tien Giang.
Last year VBL ranked second among top ten companies that pay the highest taxes to the state budget with VND2,140 billion ($133.75 million).
(Source: Tien Phong)
