Foreign investor buys up Vinamilk shares

Saturday, Nov 11, 2017 08:01

A board at the Ho Chi Minh Stock Exchange showing the results of SCIC’s auction of Vinamilk shares on Friday. — VNS Photo Xuan Huong

A foreign investor, who did not want to be named, bought all 48.3 million shares of Vinamilk offered at an auction at the HCM Stock Exchange on Friday.

The State Capital Investment Corporation (SCIC), the country’s sovereign fund which manages the Government’s stakes in companies, offered a 3.33 per cent stake in Vinamilk at a minimum price of VND150,000 (US$6.61) per share.

The auction attracted 19 local and foreign investors, who had registered to buy a total of 73.84 million shares.

The foreign investor won the bid by offering the highest price of VND186,000, with the SCIC raising VND8.99 trillion from the sale.

Nguyen Duc Chi, chairman of the SCIC, said the improvement in the stock market and Vinamilk’s good performance this year as well as its future prospects contributed to the success of the auction.

The transaction has to be completed this month.

Vinamilk shares yesterday rose to VND173,800.

The Government now has a 36 per cent stake in Vinamilk, still the largest stakeholder and with a decisive voice in the company.

This was the second time the SCIC sold Vinamilk shares. The first time, last December, it had offered a 9 per cent stake but managed to sell only 5.4 per cent.

The 3.33 per cent stake auctioned yesterday was from that unsold portion.

Chi said SCIC is wrapping up procedures to divest Government stakes in other companies too this year. — VNS

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