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.