The State Capital Investment Corporation (SCIC) has announced to continue selling 3.3 per cent stakes at Vinamilk with VND154,000 (roughly US$6.86) per share which is higher than expected.
SCIC said that both domestic and foreign investors who meet the requirements could buy the shares. According to the Steering Committee for Enterprise Innovation and Development, this divestment could bring VND7,443 billion (roughly US$331.6 million) to the SCIC.
This is Vinamilk’s remaining stakes in last December divestment when two companies under Fraser and Neave Corporation of Thai billionaire businessman Charoen Sirivadhanabhakdi bought 5.4 per cent of Vinamilk shares worth VND11,000 billion (roughly US$486.73 million).
After the divestment, SCIC’s stakes in Vinamilk would reduce to 36 per cent, still ensuring its role as a major shareholder in the company, which means that this institution is entitled to absolute veto at Vinamilk. The figures for the Thai billionaire’s companies and other foreign organizations are 20 per cent and 35 per cent respectively.
In the first half of 2017, Vinamilk’s total revenue was VND25,400 billion (roughly US$1.124 billion), earnings after tax were VND5,852 billion (roughly US$258.94 million), 11,5% and 17% higher than that of the same period of 2016, respectively. Also, the company has completed 60% of this year’s VND9,735 billion target (roughly US$430.75 million).
