3.33 per cent of state stake in VNM to be sold this afternoon
3.33 per cent of state stake in VNM to be sold this afternoon
State Capital Investment Corporation (SCIC) will offload 3.33 per cent state stake at Vietnam Dairy Product JSC (Vinamilk), the leading producer of dairy products in Vietnam, at 2 PM today at the Ho Chi Minh City Stock Exchange.
Le Long, manager of SCIC's Strategy and Planning Department, made the statement at today morning’s Vietnam-Korea M&A seminar.
“The value of the divestment is expected at over $300 million. As of 4 PM yesterday, around 19 domestic and foreign investors have registered to buy the state’s stake at Vinamilk. Around 48.3 million Vinamilk shares will be sold this afternoon,” he added.
According to Long, Vinamilk is among the firms named in SCIC’s divestment plan in the 2017-2020 period.
Vinamilk now has the chartered capital of VND14.5 trillion ($659 million). The state capital is VND5.7 trillion ($259 million), or 39 per cent.
Previously, in mid December 2016, F&N Beverages Manufacturing Sdn., Bhd. and F&N Dairy Investments Pte., Ltd., the two 100-per-cent-owned subsidiaries of Fraser & Neave Ltd. (F&N), spent VND11.3 trillion ($499.56 million) buying a total of 78.38 million shares, equalling a 5.4 per cent stake in Vinamilk. The share volume bought was equal to 60 per cent of the shares put on sale.
