VLC to buy two million VNM shares

Vietnam Livestock Corporation JSC (VLC), an affiliate of GTNfoods, plans to buy two million shares of Vinamilk, the largest dairy producer of Viet Nam listed as VNM on Ho Chi Minh Stock Exchange (HoSE).

The transaction is scheduled from August 18 to September 16 this year. If successful, VLC will own 0.11 per cent of Vinamilk charter capital.

GTNfoods currently holds 74.49 per cent of stake at VLC, while Vinamilk owns 75 per cent of charter capital at GTNfoods.

With the opening price of VND116,600 (US$0.7) per VNM share on Friday morning, VLC is estimated to spend VND232.8 billion to own two millions of VNM shares.

Up to June 30 this year, VLC owned VND1.1 trillion and conducted short-term finance investment, accounting for 64.2 per cent of total assets.

Moc Chau Milk, a subsidiary of VLC, plans to list on the HoSE this year. It is planning to issue shares dedicated to its strategic shareholders Vinamilk and GTNFoods.

VLC’s opening price on Friday morning is VND26,200 per share.

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