The State Capital Investment Corporation (SCIC) has announced the price of 3.33 per cent of Vietnam Dairy Product JSC (Vinamilk)’s stakes, equaling 48.4 million shares at VND150,000 (equivalent to US$6.7) each in its second divestment session.
Vinamilk is the firm with the largest market capitalization in Vietnam. Photo: twitter.com
If this transaction is successfully done, SCIC will obtain at least VND7.2 trillion (approximately US$317,53 million).
Investors’ registered price for Vinamilk will not be less than SCIC’s offered price as well as Vinamilk’s floor price on the transaction session on last November 10, which is the date of the second auction.
Previously, in December 2016, SCIC planned to sell 9 per cent of its stake at Vinamilk (equalling 130.6 million shares); however, only 5.4 per cent (equivalent to 78.38 million shares) was successfully transacted. With an average price of VND 144,000 per share, SCIC received VND11,286 billion (roughly US$496 million).
F&N Dairy Investment Pte Ltd and F&N Bev Manufacturing Pte. Ltd., the two 100-per-cent-owned subsidiaries of Thailand-based Fraser & Neave Ltd. (F&N), spent VND11.3 trillion (roughly US$499.56 million) buying a total of 78.38 million shares of Vinamilk.
After the sale, F&N Dairy Investments Pte., Ltd., has made several attempts to buy more of Vinamilk’s stakes but failed due to unfavorable market conditions.
At present, the company holds a 16.04 per cent stake, equivalent to 232.7 million shares in Vinamilk and F&N Beverages Manufacturing Sdn. Bhd holds 2.7 per cent.
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