SCIC to sell Vinamilk’s stakes attaining around US$300 million on November 10
By Nga Vu
October 16, 2017 | 06:55 PM GMT+7
With an average price from VND134,500 to VND145,000 (roughly US$5.93 to US$6.39) per share, the State Capital Investment Corporation (SCIC) will earn VND6,500-7,000 billion (approximately US$286,6 to US$308,65 million), according to SCIC.
This sale of 3.3 percent of stakes at Vinamilk is expected at US$308,65 million.
On October 16, the State Capital Investment Corporation (SCIC) held a press conference providing further information about the sale of 3.3 percent of stakes at Vietnam Dairy Products Joint Stock Company (Vinamilk) (stock code: VNM).
Nguyen Duc Chi, SCIC’s Chairman, said that expectedly, Vinamilk’s 3.3 percent of stakes will be offered for sale on November 10. The regulations on details of the stake sales will be announced on October 21.
However, the starting price will be announced 7 to 10 days prior to the official offer for sales to ensure the VNM stock price in compliance with the supply and demand at the time of offer for sales.
Nguyen Chi Thanh, SCIC's Standing Deputy General Director, said that obstacles that occurred in the offer for sales in the end of 2016 will be overcome at this time.
Prior to the official tender, SCIC held roadshows in Singapore and Hong Kong. According to SCIC, 35 investors, of which the majority are big investment funds, expressed their interests in this offer for sales of Vinamilk’s stakes. The domestic roadshow is expected to be held on October 18 at Ho Chi Minh City Stock Exchange (HOSE) with the participation of Mai Kieu Lien - General Director of Vinamilk.
In mid-2017, the Government approved the plan to sell over 48.3 million of shares, equivalent to 3.33 per cent of charter capital at Vinamilk in this year, reducing the State’s ownership to 36 per cent of charter capital.
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