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Vinamilk (VNM) eyes 47% stake in GTNFoods

Mar 14th at 08:20
14-03-2019 08:20:17+07:00

 

Vinamilk (VNM) eyes 47% stake in GTNFoods

Dairy processor Vinamilk has announced that the firm will spend VND1.5 trillion on 116.7 million shares of GTNFoods JSC, which owns a series of brands such as Moc Chau Milk, Vinatea and Ladofoods.

On March 12, a source from Vinamilk publicized its projected purchase of these shares priced at VND13,000 each. If the deal is successful, the dairy processor will hold a 46.68% stake in GTNFoods.

Established in 2011, GTNFoods, previously known as Dai Viet Environment and Mineral JSC, operated in multiple fields such as infrastructure, mineral and construction materials.

In 2013, the firm started with merger and acquisition deals with food enterprises. As a result, GTNFoods secured a 35% stake in Lam Dong-based food firm Ladofoods in 2015 and at the end of the year, the firm acquired a 75% stake in Vietnam National Tea Corporation (Vinatea).

GTNFoods has recently raised its ownership at Vinatea to 95%, and owns a 73.72% stake in Vietnam Livestock Corporation and 51% stake in Moc Chau Milk.

saigontimes

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