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Fraser & Neave Ltd. ignores Vinamilk shares in first auction
In spite of expressing ambitions to acquire a larger share in Vietnam Dairy Products Joint Stock Company (Vinamilk), as of now, Fraser & Neave Ltd. (F&N) has yet to register to the bidding expected to start on December 2.
This was announced by a representative of State Capital Investment Corporation (SCIC) at the roadshow “Investing opportunity-SCIC shares in Vinamilk organised on November 21 in Ho Chi Minh City, according to newswire Vietstock.
At the event, the representative of SCIC released information about the time and mean of the auction. Notably, SCIC expects to organise a public auction to sell 130.6 million Vinamilk shares, equalling a 9 per cent stake, on December 2. The transaction and transfer period will last for four days from December 5-8 and will officially finish on December 12.
The initial price will be published between November 23 and December 2. Accordingly, the selling price will not be lower than the initial price or Vinamilk’s floor price at the date of the auction. Investors are allowed to bid for the whole bulk of shares on auction.
According to SCIC, at present, numerous domestic and foreign investors have registered to join the auction, with the notable exception of F&N.
Previously, according to newswire Bloomberg.com, F&N announced plans to extend its 11-per cent ownership in Vinamlik as part of its aim to expand its presence in Southeast Asia and enhance its competitive capacity against the two largest US soft drink giants in the region, PepsiCo Inc. and Coca-Cola Co.
Lee Meng Tat, F&N’s chief executive officer for non-alcoholic beverages, said that if Vinamilk raises its foreign ownership ratio, F&N will follow the developments and intensify efforts to acquire a sufficient shareholding.
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