SABMiller plc announces acquisition of residual interest in SABMiller Vietnam JV
20 March 2009
SABMiller plc today announces that it has signed an agreement with its JV partner, Vietnam Dairy Products Joint Stock Company ("Vinamilk"), to acquire Vinamilk's 50% interest in SABMiller Vietnam JV Company Limited ("the Company"). Conditions to the transaction have been fulfilled and SABMiller Asia BV is now the sole shareholder in the Company.
The Company's assets which are the subject of the transaction totalled US$31.8 million at the fiscal year end, 31st December 2008.
The Company's brewery is located in Binh Duong province and supplies the key markets of Ho Chi Minh City, Mekong Delta and Da Nang through an expanding distribution network. The beer industry in Vietnam is still relatively small with total volumes of 18.5 mhl but is expected to grow significantly. Current per capita consumption is modest and is estimated to be 21 litres per annum.
Ari Mervis, Managing Director of SABMiller Asia BV, said: "Having acquired Vinamilk's interest in the Company, we look forward to developing and expanding our interests further in the growing and attractive Vietnamese beer market. Partnering with Vinamilk at the outset has benefited SABMiller significantly as a result of the local insights and knowledge shared with us. This transaction will allow us increased flexibility to implement various business initiatives in Vietnam and the Company will complement our existing beer businesses in the broader Asian region."
Mai Kieu Lien, General Director of Vinamilk responded: "Vietnam offers exciting prospects. We have shared a mutually beneficial partnership with SABMiller in Vietnam's developing beer industry, but in the current economic environment we would like to restructure our business operation by focussing on our core business areas in order to enhance our position of strength and maximize the interests of Vinamilk's shareholders."
About SABMiller plc
SABMiller plc is one of the world's largest brewers with brewing interests or distribution agreements in over 60 countries across six continents. The group's brands include premium international beers such as Grolsch, Miller Genuine Draft, Peroni Nastro Azzurro and Pilsner Urquell, as well as an exceptional range of market leading local brands. Outside the USA, SABMiller plc is also one of the largest bottlers of Coca-Cola products in the world.
In the year ended 31 March 2008, the group reported US$3,639 million adjusted pre-tax profit and revenue of US$21,410 million. SABMiller plc is listed on the London and Johannesburg stock exchanges.
This announcement is available on the company website: www.sabmiller.com
Tel: +44 20 7659 0100
Sue Clark Director of Corporate Affairs
Tel: +44 20 7659 0184
Gary Leibowitz Senior Vice President, Investor Relations
Tel: +44 20 7659 0174
Nigel Fairbrass Head of Media Relations
Tel: +44 20 7659 0105
This announcement does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of SABMiller plc (the "Company") or any of its affiliates in any jurisdiction or an inducement to enter into investment activity.
This document includes "forward-looking statements". These statements may contain the words "anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning. All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company's products and services) are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Any information contained in this announcement on the price at which the Company's securities have been bought or sold in the past, or on the yield on such securities, should not be relied upon as a guide to future performance.