Daytona Investments Ltd from Singapore had registered to buy 2.4 million shares in International Dairy Products JSC (IDP) to increase its ownership to 12.6 per cent.
The Board of Directors of IDP has approved a plan to sell 2.4 million shares at the offered selling price of VND254,000 ($10.80) per share to mobilise VND610 billion ($26 million). The sale is expected to be implemented later this year.
Daytona Investments is the only investor registering to buy these shares. Once completed, the shareholder from Singapore will increase its ownership in IDP from 8.99 per cent to 12.6 per cent.
In March of this year, the fund spent VND1.4 trillion ($60 million) acquiring 5.3 million shares from IDP, while in April, Growtheum Capital Partners agreed to pay around $100 million for a stake in IDP as another Singapore-based private equity firm looked to tap into the region's dairy markets.
At the time, a representative from Growtheum Capital Partners suggested that the fund saw IDP as a unique opportunity to participate in Vietnam’s growing dairy sector. The current market leader is Vinamilk, the country’s largest dairy corporation, while smaller market shares belong to IDP, TH True Milk, Frieslandcampina Vietnam, Nestlé Vietnam, and several others.
IDP operates two manufacturing facilities in Hanoi and one in Ho Chi Minh City. It makes several dairy products, including fresh milk, chocolate milk, yogurts, and malt drinks under such brands as Ba Vi, Kun, and LIF.
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