Vinamilk auction pushed back to December 12

November 29, 2016 | 13:33

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State Capital Investment Corporation (SCIC) will auction 130.6 million Vietnam Dairy Products Joint Stock Company (Vinamilk) shares, equalling a 9 per cent stake, on December 12, instead of the previously announced December 2.

Previously, an SCIC representative said at the roadshow “Investing Opportunity-SCIC Shares in Vinamilk” that the public auction was expected to take place on December 2.

The representative added that the transaction and transfer period would last for four days from December 5-8 and would officially end on December 12.

According to the latest news from SCIC, Vinamilk shares will be auctioned at the initial price of VND144,000 ($6.33) per share. Thus, SCIC expected to earn over VND18.8 trillion ($840.8 million) from the sale.

Each individual investor will be allowed to bid for a maximum share volume of 39.2 million shares, equalling a 2.7 per cent stake.

The period for investors to submit files and deposits will last from November 28 to December 9. The transaction period will last for four days from December 12-21.

The government currently holds a 45.1 per cent stake in Vinamilk. The company is one of the country's most sought-after equities and foreign investors have long been interested thanks to its strong prospects and expansion plans.

Vinamilk’s board of directors formally approved the removal of the 49 per-cent foreign ownership cap in late June, paving the way for an expected surge of interest from overseas investors.

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