Investors take chance on VNM shares
Investors take chance on VNM shares
The State Capital Investment Corporation Investment (SCICInvest) announced the purchase of 300,000 shares of the Viet Nam Dairy Products Joint Stock Company (VNM) on November 26.
The transaction was carried out by order and is expected to be completed between December 1 and December 30. Following the transaction, SCICInvest will own a total of 300,011 VNM shares, or a 0.025 per cent stake in VNM.
On November 27, two funds from Dragon Capital also subscribed to 600,000 shares of VNM, where DC Public Strategies Developing Markets Limited bought 100,000 shares and Norges Bank registered to buy 500,000 shares.
So far, in two days, three organisations have subscribed to 900,000 shares of VNM.
VNM shares have dropped some 15 per cent since November 16-25. On November 27, each VNM share gained VND1,000 to close at a total of VND124,000 in the HCM City Stock Exchange.
According to the Vietcombank Securities Company, the decline in the giant's shares was due to SCICInvest's divestment plan to sell its shares in major corporations, including dairy giant Vinamilk, in October. However, the timetable for the divestment has not yet been fixed.
Based on market value, Vinamilk is considered SCICInvest's most valuable investment, holding a 45.1 per cent stake in the company, worth almost US$2.5 billion. Vinamilk is the largest listed company in Viet Nam, with a market value of VND148.8 trillion ($6.6 billion), as of November 27.
On November 14, VNM was recognised as a publicly listed company with the best corporate governance in Viet Nam at the first ASEAN Corporate Governance Conference and Awards ceremony in Manila, Philippines.
