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F&N subsidiary fishing for more Vinamilk shares
After increasing its holdings in Vietnam Dairy Products Joint Stock Company (Vinamilk) to 13.65 per cent, F&N Dairy Investments Pte., Ltd., a 100 per cent-owned subsidiary of Fraser & Neave Ltd. (F&N), has registered to buy an additional 1.5 per cent, equalling 21.8 million shares, according to newswire Bizlive.
Trading is expected to be conducted based on one of the two norms of negotiated trade and put-through trade, from December 30, 2016, to January 27, 2017.
After this transaction, the company will increase its holdings in Vinamilk to 220 million shares, equalling a 15.15 per cent stake.
Previously, F&N Dairy Investment Pte., Ltd. and F&N Beverages Manufacturing Sdn., Bhd., another 100 per cent-owned subsidiary of F&N, spent VND11.3 trillion ($499.56 million) on buying 78.38 million shares, equalling a 5.4 per cent stake, in Vinamilk.
After the auction, F&N increased its holdings in Vinamilk to 16.35 per cent, including the 13.65 and 2.7 per cent stakes of F&N Dairy Investments Pte., Ltd. and F&N Beverages Manufacturing Sdn. Bhd, respectively.
According to its consolidated financial report, in the nine months of this year, Vinamilk earned VND35.1 trillion ($1.55 trillion) in revenue with VND7.5 trillion ($330.4 million) in after-tax profit.
The company expects to earn VND46.2 trillion ($2.04 billion) in revenue with VND11.2 trillion ($493.4 million) in after-tax profit, signifying an increase of 14.86 per cent and 19.77 per cent, respectively.
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