Since its acquisition by Thai Beverage in 2017, Sabeco has consistently paid cash dividends between 35% and 50%. By 2023, Thai Beverage had received over 14 trillion VND in dividends from Sabeco and is expected to maintain high dividend payments in the coming years due to debt burdens related to the acquisition. ThaiBev borrowed nearly $5 billion at an interest rate of 2.5% to 3% to finance the deal. With total interest costs estimated at around 17.881 trillion VND by 2025, exceeding dividend earnings by about 3.791 trillion VND, Sabeco must continue to provide high dividends to offset interest. This could impact Sabeco’s asset size, which is projected to decline by -7.2% CAGR from 2024 to 2029.
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