Two foreign firms vie for Vinamilk shares

Business News

Two foreign firms vie for Vinamilk shares

Wednesday, July 18,2018

AsemconnectVietnam - Two investors from Singapore are competing to raise their ownership in Vietnamese dairy processor Vinamilk as the firm plans to sell more shares.

Platinum Victory Pte, a subsidiary of the Singapore-based Jardine Cycle & Carriage Limited (JC&C) as well as the second-largest overseas shareholder of Vinamilk, has announced plans to purchase more than 14.5 million shares between July 18 and August 16, with the aim of raising its ownership in Vinamilk to 11.62% from the current 10.62%.

During the period between June 13 and July 12, Platinum Victory Pte successfully acquired 129,270 shares, up 0.01 percentage point, in the national leading dairy processor, though its initial target was over 14.5 million shares.

Meanwhile, F&N Dairy Investment, another Singaporean company, has repeatedly registered to buy an additional 14.5 million shares of Vinamilk to raise its stake to 18.31%, after its failure in the last auction running from June 6 to July 5. Bidding was projected to start from July 11 to August 10.

Platinum Victory Pte has rejoined the race since the start of May following six months of making no moves to buy Vinamilk’s shares, while F&N Dairy Investment keeps registering to buy the shares and had managed to hold a 17.31% stake, up from 16.5%, by the end of the 2017 fiscal year.

Source: thesaigontimes.vn

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