CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Investment / News
Platinum Victory sets sight on higher stake in Vinamilk
Nguyen Tung 10:21, 2018/07/20
Hong Kong-based Platinum Victory and F&N Dairy Investment - a group backed by Thai tycoon Charoen Sirivadhanabhakdi - are in a race to increase their respective holdings at Vietnam Diary Products Company, known as Vinamilk.
Platinum Victory - a subsidiary of Hong Kong-based conglomerate Jardine Matheson - has registered to purchase 14.51 million shares in Vietnam's largest dairy producer Vinamilk, announced the fund. 
 
Illustration photo.
Illustration photo.
If successful, Platinum Victory will increase its holding at Vinamilk to 11.62% from the current 10.62%, or 168.57 million shares. 

At the current market price of VND170,500 (US$7.43) a Vinamilk share, the fund would need at least VND2.47 trillion (US$107.59 million) for this transaction, which is expected to be scheduled from July 18 to August 16 via put-through transactions and order-matching transactions on the Ho Chi Minh City Stock Exchange (HoSE). 

On July 12, Platinum Victory completed the purchase of 129,270 shares in Vinamilk, increasing its holding in the latter from 10.61% to 10.62%. The shares purchased were part of the 14.51 million units Platinum Victory had registered to buy in from June 13 to July 12. 

The fund was unable to purchase the registered amount due to the unfavorable market conditions, it said.

Jardine Matheson is one of Asia's biggest conglomerates which has interest in luxury hotels, motor vehicles, property, food retailing, transport financial services and agribusiness. The group, through its subsidiaries Jardine Cycle & Carriage (JC&C) and Platinum Victory, has invested in Vietnam for many years. 

Platinum Victory currently is the third largest shareholder at Vinamilk, after State Capital Investment Corporation (SCIC) at 36% and F&N Dairy Investment at 17.31%. 

Both Platinum Victory and F&N Dairy Investment are in a race to increase their respective holdings at Vinamilk. 

In early July, F&N Dairy Investment also registered to purchase 14.51 million Vinamilk shares from July 11 to August 9. Since 2017, the Singaporean fund has tried 16 times buying Vinamilk shares unsuccessfully, according to exchange announcements.

Vinamilk sets its revenue target in 2018 of VND55.5 trillion (US$2.4 billion), up 8.5% yearly. Under the plan, Vinamilk estimated its after-tax profit to reach VND10.7 trillion (US$473 million), increasing 4.6% over 2017.

Vietnam's dairy industry posted revenue of over VND100 trillion (US$4.4 billion) last year, an increase of 10% over the previous year, with Vinamilk commanding a market share of around 50%, according to the latest statistics. 
Comments
Other news
14:43, 2024/11/18
Aircraft manufacturer Embraer seeks comprehensive aviation partnership with Vietnam
The Vietnamese leader urges the aircraft manufacturer to collaborate on technology transfer, airport construction and operation, research, and investment in Vietnam.
21:55, 2024/10/22
Better links with FDI firms to support Hanoi businesses
Hanoi will continue to focus on quality projects, especially with partners such as Japan, the United States, and Europe to boost technology transfer.
15:24, 2024/09/24
Vietnam calls for more US investment in innovation, hi-tech
The Vietnamese leader called on relevant agencies to resolve any challenges faced by investors and enhance the investment climate to encourage greater US investment in Vietnam.
14:13, 2024/09/23
Vietnamese leader urges Boeing to build production facility in Vietnam
Boeing is committed to continuing to support the development of Vietnam's aviation ecosystem, focusing on aviation infrastructure, human resources training, airport construction, and aircraft maintenance facilities.
14:38, 2024/09/17
Foreign capital pouring into Vietnam's real estate market
Experts are optimistic that the 2024 Land Law, once enacted, will help resolve legal bottlenecks and attract more FDI.
16:27, 2024/08/24
Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.