Singapore’s Platinum Victory sets sight on Vinamilk’s extra US$95-million shares
If successful, Platinum Victory will increase its holding at Vinamilk to 11.62% or 202.29 million shares from the current 10.62%, or 184.88 million shares.
Singapore’s Platinum Victory, a subsidiary of Hong Kong-based conglomerate Jardine Matheson, has registered to purchase an additional of 17.41 million shares in Vietnam’s largest dairy producer Vinamilk, according to the Ho Chi Minh City Stock Exchange (HoSE).
Illustrative photo.
|
At the current market price of VND125,000 (US$5.40) a Vinamilk share, the fund would need at least VND2.17 trillion (US$95 million) for this transaction, which is expected to be carried out from January 9 to February 7 via put-through and/or order-matching transactions on the HoSE.
In 2018, Platinum Vicotry tried six times buying 14 – 17 million Vinamilk shares unsuccessfully, citing the unfavorable market conditions as reason.
Platinum Victory currently is the third largest shareholder at Vinamilk, after State Capital Investment Corporation (SCIC) at 30.01% and F&N Dairy Investment at 17.31%.
Backed by Jardin Matheson, one of Asia’s biggest conglomerates with revenue of US$16 billion in 2017, Platinum Victory is in a race with F&N Dairy Investment, a wholly-owned subsidiary of Fraser & Neave and owned by Thai tycoon Charoen Sirivadhanabhakdi, to increase their respective holdings at Vinamilk.
Jardine Matheson, through its subsidiaries Jardine Cycle & Carriage (JC&C) and Platinum Victory, has invested in Vietnam for many years.
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) in 2017, an increase of 10% over the previous year, with Vinamilk commanding a market share of around 50%, according to the latest statistics.
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.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years