Jardine Cycle & Carriage forks out $1 billion for VNM stake
Jardine Cycle & Carriage forks out $1 billion for VNM stake
The largest automotive group from Singapore, Jardine Cycle & Carriage Limited Company (JC&C), has announced that its wholly-owned subsidiary Platinum Victory Pte., Ltd. completed the purchase of an additional 12.8 million shares, representing approximately 0.9 per cent in Vietnam Dairy Products JSC (Vinamilk).
The transaction was conducted on November 13 by on-market purchases. Following the acquisition, the company holds an aggregate 8.9 per cent of Vinamilk’s issued share volume, comprising of 129.12 million Vinamilk shares.
Based on the selling price of Vinamilk shares on the November 13 transaction session, Platinum Victory spent approximately $400 million buying the above 0.9 per cent stake, increasing the total expenditure to over $1 billion.
After the deal, Platinum Victory became the third largest shareholders in Vinamilk, following State Capital Investment Corporation of Vietnam (SCIC) and Fraser & Neave Ltd. from Thailand.
Previously, JC&C announced that Platinum Victory picked up 3.33 per cent in Vinamilk through an auction organised by SCIC on November 10, 2017. After that, it acquired the balance shares, amounting to 2.2 per cent, through open market purchases on November 13.
