Foreign funds want to sell 13.4 million shares of Vinamilk
Foreign funds want to sell 13.4 million shares of Vinamilk
According to the HCM City Stock Exchange, the Vietnam Enterprise Investment Limited (VEIL) - managed by Dragon Capital – has registered to sell 8.8 million shares of the Vietnam Dairy Products Joint Stock Company - Vinamilk (VNM). The transaction time is from 11/12/2013 to 9/1/2014.
At the same time, the Amersham Industries Limited also registered to sell 4.6 million shares of Vinamilk. 13.4 million shares (accounting for 1.6 percent of Vinamilk shares) will be trading in the form of agreement.
The transaction time of the two funds is during the time Vinamilk decides the list of dividend advancing for 2013 (the last day to register is 18/12). The volume of shares for sale is equivalent to VND10.7 billion ($5 million) (at the rate of 8 percent).
If the transactions are successful, the ownership rate in Vinamilk of VEIL will decrease from 2.34 percent to 1.29 percent while the ownership rate of Amersham will decrease from 1.99 percent to 1.44 percent.
Vinamilk is the biggest dairy company in Vietnam. The company was established in 1976 as the state-owned Southern Coffee-Dairy Company, to nationalize and take over the operations of three previously private dairy factories in South Vietnam. It was then renamed to United Enterprises of Milk Coffee Cookies and Candies I in 1978 and finally Vietnam Dairy Company in 1993.
In 2003, following its IPO in the Ho Chi Minh Stock Exchange, the company legally changed its name to Vietnam Dairy Products Joint Stock Company (Vinamilk). The principal activities of the Vinamilk are produce and distribute condensed milk, powdered milk, fresh milk, soya milk, yogurts, ice-cream, cheese, fruit juice, coffee and other products derived from milk.
Vinamilk products such as powdered milk and condensed milk are also exported to the Middle East, Cambodia, the Philippines and Australia. Exports accounted for $180m in 2012.
vietnamnet
