Singaporean businessman Neo Gim Siong Bennett will take over as general director of Sabeco (code: SAB) as of August 1, 2018.
The Board of Management of Saigon Beer-Alcohol-Beverage Corporation (Sabeco) has just announced who will take the positions of chairman and general director for the period 2018-2023.
Neo Gim Siong Bennett, former deputy general director has been appointed as general director and the second legal representative of Sabeco, replacing Nguyen Thanh Nam, who was appointed by the Ministry of Industry and Trade (MoIT) one year ago.
Born in 1946 in Singapore, Neo Gim Siong Bennett studied at Singapore’s Nanyang University before gaining 22 years experience working in the sectors of beer, oil and gas, maritime, and supply chains across Asia, the United States, and the United Kingdom.
Thai Beverage first proposed to the MoIT to appoint Bennett as general director of Sabeco in April 2018, however, at that time the proposal was not approved, and he became deputy general director instead.
Bennett is also chairman of Saigon Beer Trading Company Limited, established last week with VND10 million ($440) in charter capital, and chairman of Chuong Duong Beverages JSC (code: SCD), a subsidiary of Sabeco.
Meanwhile, Koh Poh Tiong will continue as chairman of Sabeco’s Board of Management, and the first legal representative of Sabeco.
The new appointments are the result of the Board of Management’s meeting which took place right after the annual general shareholders meeting (AGM) on July 21. At the AGM, shareholders approved a new seven-member board of management, including four members recommended by the Thai billionaire Charoen Sirivadhanabhakdi namely Koh Poh Tiong, Tran Kim Nga, Michael Chye Hin Feh, and Pramoad Phornprapha.
The three remaining members are Nguyen Tien Dung (chief accountant of Sabeco), Luong Thanh Hai (deputy general director of Saigon Beer Trading), and Nguyen Tien Vy (vice chairman of the Vietnam Beer-Alcohol-Beverage Association).
Earlier, in December 2017, Thai Beverage, the corporation owned by Thai billionaire Charoen Sirivadhanabhakdi, acquired 53.59 per cent of Sabeco’s charter capital. Since then Sabeco has targeted over VND4 trillion ($176.52 million) of 2018’s after-tax profit, down 19 per cent in comparison with 2017’s performance. The rate of dividends is expected at 35 per cent, equivalent to that of 2017.
Sabeco has also restructured and removed some of its business sectors, including trade advertising and its domestic and international travel business.
[Nguyen Huong] report on VIR