JC&C completes sale of 4.6% Vinamilk stake to F&N for $228 mln
Singapore-listed Jardine Cycle & Carriage Limited (JC&C) has reportedly completed the sale of more than 96 million shares, equivalent to a 4.6% stake, in Vietnam’s dairy giant Vinamilk (HoSE: VNM).
The buyer is F&N Dairy Investments Pte. Ltd., part of the Fraser and Neave (F&N) group controlled by Thai billionaire Charoen Sirivadhanabhakdi.
Market data showed that between 10:14 a.m. and 10:16 a.m. on Monday, a block deal of 96 million Vinamilk shares were traded through negotiated transactions with a total value of VND6.01 trillion ($228 million). The shares changed hands at an average price of VND62,555 ($2.38) each.
Some major products by Vinamilk. Photo courtesy of the firm.
The size, price and total value of the transaction matched details previously disclosed by F&N Dairy Investments in its filing to the Singapore Exchange on December 16. The sale was executed through JC&C’s wholly-owned subsidiary Platinum Victory Pte. Ltd. (PVPL).
Following the deal, PVPL reduced its ownership in Vinamilk from 10.62% to 6.02%. Meanwhile, F&N’s combined stake in the dairy producer, held through F&N Dairy Investments and F&N Bev Manufacturing, increased from 20.39% to 24.99%.
Since first investing in Vinamilk in 2005, F&N is estimated to have received about VND16.5 trillion ($626.6 million) in dividends from the Vietnamese dairy producer.
VNM shares ended down 1.25% to VND63,200 ($2.4) each on Monday.
Vinamilk recorded consolidated post-tax profit of VND2.51 trillion ($95.42 million) in Q3, up 4.5% year-on-year, according to a company release.
For the first nine months, the figure was VND6.59 trillion ($250.28 million), translating to earnings per share (EPS) of VND2,804 ($0.11).
Consolidated revenue reached VND16.97 trillion ($645 million) in the quarter, up 9.1% year-on-year. For the nine months, the tally was VND46.68 trillion ($1.77 billion), up 0.7%.
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