Large portion of Vinamilk shares unmarketable before auction

December 10, 2016 | 09:00

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With the exception of F&N Beverages Manufacturing Sdn. Bhd. and F&N Dairy Investments Pte., Ltd., no new investors registered to join the bidding for Vietnam Dairy Products Joint Stock Company (Vinamilk) shares, which will take place on December 12.

This was announced by State Capital Investment Corporation (SCIC).

Accordingly, as of December 9, the last day for investors to submit files and deposits, only F&N Beverages Manufacturing Sdn. Bhd. and F&N Dairy Investments Pte., Ltd., the two 100 per cent-owned subsidiaries of Fraser & Neave Ltd. (F&N), registered to buy a total of 78.38 million shares in Vinamilk, equalling 60 per cent of the share volume on sale.

Thus, the remaining 40 per cent will be unmarketable.

The result is entirely different from the previous announcement of SCIC’s representative at the roadshow “Investing opportunity—SCIC shares in Vinamilk,” who claimed that numerous domestic and foreign investors were lining up for Vinamilk’s shares.

According to the plan, SCIC will auction 130.6 million Vinamilk shares, equalling a 9 per cent stake, on December 12. The shares will be auctioned at the initial price of VND144,000 ($6.33).

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