120-year-old liquor company to debut shares  HÀ NỘI — Hà Nội Liquor Joint Stock Company (Halico) will start its first trading day on the Unlisted Public Company Market on June 8, Hà Nội Stock Exchange announced.   In 2017, Halico’s net sales halved to VNĐ125.4 billion but the loss increased by four times to VNĐ84.5 billion, compared to the previous year. — Photo baodauthau.vn   Halico will trade 20 million shares, equivalent to a charter capital of VNĐ200 billion (US$8.8 million), under the code HNR. The reference price is set at VNĐ31,900 ($1.40) per share, which is only one-seventh of the price that the world’s largest spirit company, Diageo, paid to acquire 45 per cent stake at Halico in 2011. Hà Nội Liquor JSC, formerly Hà Nội Liquor Factory, was established by French Fontaine Liquor Co in 1898. It was the largest liquor factory in Southeast Asia at that time. Despite possessing several well-known brands, such as Vodka Hà Nội, Lúa Mới and Bluebird, Halico has continuously reported losses since 2015. In 2016, it reported net sales of nearly VNĐ270.6 billion but registered a loss of VNĐ20.2 billion. In 2017, its net sales halved to VNĐ125.4 billion but the loss increased by four times to VNĐ84.5 billion. By the end of last year, the company’s total assets shrank to VNĐ658 billion, with total liabilities of VNĐ98 billion and cumulative losses of nearly VNĐ255 billion. Halico has again projected losses in the next two years---VNĐ58 billion in 2018 and VNĐ53 billion in 2019. Due to its prolonged losses, Halico has not paid dividends for many years. As of March 19, 2018, the company has two major shareholders, of which Hà Nội Beer and Alcohol Beverage Corp (Habeco) owns 44.29 per cent and Diageo’s Streetcar Investments Holdings Pte holds 45.57 per cent. The listing is part of Habeco’s plan to divest Halico due to its bleak business results. However, despite its continuous losses, Halico remains attractive to investors as the company possesses a large land fund of up to 233,709sq.m, with many prime locations in Hà Nội.  VNS