Automotive giant Jardine Cycle & Carriage (JC&C)’s continuous purchase of Vietnam Dairy Products JSC (Vinamilk) shares boosted the ticker to a record high on the stock exchange.
|The new investor's continuous purchases sent Vinamilk's ticker through the roof
JC&C, through its subsidiary Platinum Victory Pte., Ltd., completed the acquisition of an additional of 16.5 million shares, equaling an 1.1 per cent stake in Vinamilk.
The transaction was conducted on November 13-16 via the on-market purchase form.
As of 11:00 AM of the November 20 transaction session, Vinamilk’s ticker was valued at VND183,000 ($8.07), a record high since the VND150,000 ($6.61) reached on the first day of listing. Vinamilk currently has a capitalisation of VND266 trillion ($11.7 billion).
Following the acquisition, the JC&C group now hold an aggregate 145.6 million Vinamilk shares, representing approximately 10.0 per cent of the company’s issued share capital. JC&C is now the third largest shareholder, following State Capital Investment Corporation of Vietnam (SCIC) with 36 per cent and Fraser & Neave Ltd. with 18.74 per cent.
The taking of this relevant interest in Vinamilk is in line with the JC&Cs strategy of investing in market-leading companies in Southeast Asia. In particular, it increases JC&C’s exposure to the Vietnamese economy and the group is planning on making further such investments.
A leading Singapore-based company, JC&C has been present in Vietnam through its 25.1 per cent holding in the country’s largest automotive firm Truong Hai Auto as well as a 22.9 per cent ownership in listed Refrigeration Electrical Engineering Corporation.