Vinamilk sells 3.3% to a foreign investor for $396.5m

Vinamilk products are displayed for sale at a Vinamilk shop in Hanoi, Vietnam May 16, 2016. REUTERS/Kham

Vietnam Dairy Products JSC (Vinamilk) on Friday said that it has sold 3.3 per cent stake in the enterprise to an undisclosed foreign investor.

The bid was submitted at the price of VND186,000 apiece, translating into a total value of nearly VND9 trillion.

The transaction price was around 24 per cent higher than Vinamilk’s preference price for the auction and 7 per cent higher than the stock’s close on the Ho Chi Minh City Stock Exchange on Friday.

A total of 19 investors oversubscribed to the shares, which were marketed by UBS AG and Saigon Securities Inc, according to the State Capital Investment Corporation, the state shareholder in Vinamilk holding 39 per cent prior to the deal.

The 3.3 per cent sale is the remaining portion of an earlier 9 per cent offer in December 2016, which saw the dairy major offload 5.4 per cent shares to F&B firm Fraser&Neave in a $500 million deal.

The Thai Beverage unit holds 19 per cent in Vinamilk.

Also read:

Vietnam’s Vinamilk to sell 3.3% stake on Nov 10, launches offshore roadshows

Vietnam’s Vinamilk to raise $319.4m by selling 3.3% stake

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.