Singaporean firm F&N Dairy Investment Pte Ltd has filed an offer to purchase more than 17.4 million shares at domestic dairy producer Vinamilk (HoSE: VNM).
Shares in dairy giant Vinamilk have unexpectedly soared by 4 per cent in the last two days after the company’s milk products were launched in China last week.
Vietnamese shares rose yesterday, covering losses made during the
session as dairy firm Vinamilk boosted investor confidence on its latest
announcement on foreign ownership.
The Viet Nam Dairy Products Joint Stock Company (Vinamilk) has proposed that the Government raise limits on foreign stakes to 100 per cent of the business.
Viet Nam Dairy Products Joint-Stock Co. purchased nearly 12 million kg
of raw fresh milk in the first 19 days of the year, an increase of 20
percent over the same period last year.
Vinamilk (VNM) achieved a net profit of nearly VND4.3 trillion (US$202.8
million) in the first nine months of this year, representing a 16-per
cent year-on-year decline.
Dairy giant Vinamilk (VNM) will issue a maximum of 167 million shares
to raise charter capital from VND8.34 trillion (US$395.3 million) to
VND10 trillion ($474 million).
First-quarter net profit for dairy giant Vinamilk (VNM) came in 9.4 per
cent lower than the same period last year, at more than VND1.387
trillion (US$65.7 million).
A slight recovery during the last minutes of trading at yesterday''s
afternoon session helped narrow the morning losses, with the benchmark
indices ending slightly lower on both national stocks exchanges.