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Fraser &Neave to buy more Vinamilk shares

Two beverage companies controlled by Thai business magnate Charoen Sirivadhanabhakdi have registered to buy 78.38 million shares, or 5.4 percent of the dairy firm Vinamilk.
Fraser &Neave to buy more Vinamilk shares ảnh 1Illustrative photo (Photo: vir.com.vn)

Hanoi (VNA)⛄ - Two beverage companies controlledby Thai business magnate Charoen Sirivadhanabhakdi have registered to buy 78.38million shares, or 5.4 percent of the dairy firm Vinamilk.

Vinamilk is the largest stock by market capitalisation in Vietnam,valued at 8.6 billion USD as on December 8. The Singapore-based F&N Dairy Investment Pte. Ltd. and F&NBEV Manufacturing Pte. Ltd. are subsidiaries of Fraser &Neave Ltd., whoseCEO Lee Meng Tat is a member of Vinamilk’s management board. Each company is picking up 39.19 million shares, or 2.7 percent ofVinamilk’s shares, according to the HCM Stock Exchange (HOSE). This is maximumvolume of shares each investor is allowed to buy in the forthcoming December 12auction. Trading will be conducted based on competitive auctions,negotiated trade and put-through trade, from December 12, 2016, to January10, 2017. F&N Dairy Investment is currently Vinamilk’s largest foreignshareholder, with an ownership of 10.95 percent. The group has been investingin Vinamilk since 2005 and its holding of Vinamilk shares is now worth around 1billion USD. The State Capital Investment Corporation (SCIC) holds theGovernment’s 45 percent stake in Vinamilk and foreign investors have for longbeen interested in the dairy firm thanks to its strong prospects and expansionplans. Starting December 12, SCIC will put 130.6 million shares ofVinamilk on sale, which amounts to 9 percent of Vinamilk’s charter capital, at 144,000VND per share (6.32 USD). If the transactions are successful, the two companies will spendat least 11.3 trillion VND to own the stakes, raising Fraser &Neave’s totalholdings from 10.95 percent to 16.35 percent. Last year, the Thai billionaire Charoen bought Vietnam’ssupermarket chain Metro Cash & Carry. — VNA
VNA

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