A production line of Vinamilk. The market price of the dairy firm reportedly reaches $9 billion. -- Photo cafef.vn

HA NOI (Biz Hub) — The State Capital Investment Corporation (SCIC) has selected consultants to advise on the sale of a 9 per cent stake in dairy firm Vinamilk, the government's investment arm announced on Friday.

Under a contract signed on Wednesday, Singapore's Morgan Stanley Asia will lead the group, which also includes Vietnamese brokerage Saigon Securities Inc and VinaCapital Corporate Finance Vietnam.

They will advise on the State divestment, from building plans to selling shares, defining selling prices to seeking domestic and foreign investors.

The SCIC said the selection of both international and local consultants will guarantee transparent and efficient transactions, and provide protection against "privileged groups", in accordance with directives from the government.

SCIC Chairman Nguyen Duc Chi told a press conference in Ha Noi last month that the government was holding 45.1 per cent of Vinamilk's equity, while the 9 per cent stake would be sold this year.

He added that the real asset value of the company was under US$1 billion, but its market price was up to $9 billion.

On Friday, shares of Vinamilk closed down 0.4 points at VND141,600 ($6.3) per share, on the HCM City Stock Exchange.

Vinamilk was among 10 major enterprises whose divestment schemes were discussed at last month's conference, which was told that the SCIC's total market cap was some VND100 trillion ($4.48 billion).

The remaining nine included Bao Minh Insurance Corp, FPT Telecom, Viet Nam Infrastructure Investment and Development JSC, and Ha Giang Mineral Mechanics JSC.

The other five were Viet Nam National Reinsurance Corporation, Tien Phong Plastic JSC, Binh Minh Plastic JSC, Sa Giang Import Export Corporation and technology group FPT.

The SCIC is to divest from the remaining enterprises next year, said Chi. — VNS