SCIC to divest additional 3.33 per cent stake in Vinamilk in October

August 05, 2017 | 15:02

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State Capital Investment Corporation (SCIC) has published the plan to put a 3.33 per cent stake, equaling 48.3 million shares, in Vietnam Dairy Products Joint Stock Company (Vinamilk) on sale in October.

SCIC will continue with the Vinamilk divestment

It was announced by SCIC chairman Nguyen Duc Chi at a press conference held in Hanoi on August 4 on the corporation’s divestment plans.

According to Chi, this is part of the 3.6 per cent charter capital remaining from the offering in late 2016 when it planned to sell 9 per cent of the stakes.

Chi added that both foreign and domestic enterprises who meet the management board’s criteria can join Vinamilk’s share acquisition. SCIC will publish the specific information on the divestment in the shortest time.

SCIC expects to earn between VND6.5-7 trillion ($287.1-309.1 million) from this divestment.

In early July, Singapore-based F&N Dairy Investments Pte., Ltd., a 100 per cent-owned subsidiary of Fraser & Neave Ltd. (F&N), expressed interest in increasing its holdings in Vinamilk via registering to buy an additional 14.5 million shares.

The transaction is expected to take place between July 24 and August 22. If successful, F&N Dairy Investments Pte., Ltd. will increase its holdings in Vinamilk from 16.04 to 17.04 per cent, equalling 247 million shares.

In December 2016, F&N Dairy Investment Pte., Ltd. and F&N Beverages Manufacturing Sdn., Bhd., another 100 per cent-owned subsidiary of F&N, spent VND11.3 trillion ($499.56 million) on buying 78.38 million shares, equalling a 5.4 per cent stake.

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