SCIC gathers wind for second divestment round in Vinamilk
SCIC gathers wind for second divestment round in Vinamilk
State Capital Investment Corporation (SCIC) will organise roadshows to introduce investment opportunities in its 3.33 per cent holding in Vietnam Dairy Products Joint Stock Company (Vinamilk).
This was announced by a representative of SCIC at the press conference on the roadshows, according to newswire Cafef.
Accordingly, SCIC will divest its 3.33 per cent stake from Vinamilk, which is part of the 3.6 per cent remaining from the offering in late 2016 when it planned to sell 9 per cent.
The first roadshow will be organised at the Ho Chi Minh Stock Exchange (HoSE) on October 18, followed by other roadshows in Singapore and Hong Kong. Accordingly, at the roadshow organised in HoSE, Mai Kieu Lien will introduce Vinamilk to investors, while in Hong Kong and Singapore, SCIC will organise non-deal roadshows.
Speaking at the conference, the SCIC representative shared that the corporation endeavoured to avoid mistakes that led to the poorly arranged offer at the first bidding.
According to the plan, SCIC will start to receive deposits and publicise the official initial price from November 1. The bidding is expected to be held at the HoSE on November 10, 2017.
Previously, at an August 4 press conference held in Hanoi on the corporation’s divestment plans, SCIC chairman Nguyen Duc Chi stated that the divestment is expected to be held this month and the corporation expected to earn between VND6.5-7 trillion ($287.1-309.1 million).
At the first bidding, which took place in December 2016, the state investor offered 9 per cent of Vinamilk’s shares and garnered significant interest from investors. However, at the end, only Thai F&N Dairy Investment Pte., Ltd. and F&N Beverages Manufacturing Sdn., Bhd., a wholly-owned subsidiary of F&N, spent VND11.3 trillion ($499.56 million) buying 78.38 million shares, equalling a 5.4 per cent stake.
