JC&C plans full exit from Vietnam's dairy giant Vinamilk with sale of remaining 6% stake
Platinum Victory, a wholly-owned subsidiary of Singapore-listed Jardine Cycle & Carriage (JC&C), has registered to sell its entire remaining stake in Vietnam’s leading dairy producer Vinamilk (HoSE: VNM), signalling a potential end to its role as a major shareholder after more than eight years.
In a filing on Thursday, Platinum Victory said it plans to divest all 125.76 million Vinamilk shares it holds, equivalent to a 6.02% stake. The sale is scheduled to take place between January 28 and February 26 via either put-through transactions or order matching on the Ho Chi Minh Stock Exchange.
VNM shares closed down 5.22% to VND67,200 ($2.56) each on Friday.
Some major products by Vinamilk. Photo courtesy of the firm.
The move follows an earlier divestment in December 2025, when Platinum Victory sold more than 96 million Vinamilk shares, or a 4.6% stake, to F&N Dairy Investments Pte. Ltd., part of the Fraser and Neave (F&N) group controlled by Thai billionaire Charoen Sirivadhanabhakdi. That transaction was valued at around VND6.01 trillion ($228 million).
If completed, the latest sale would mark JC&C’s full exit from Vinamilk, one of Vietnam’s largest consumer goods companies by market capitalization. The withdrawal is expected to reshape Vinamilk’s shareholder structure and could open the door for Sirivadhanabhakdi to further increase his exposure to the dairy producer.
Through F&N, Sirivadhanabhakdi has long sought to build a larger stake in Vinamilk as part of a broader strategy to strengthen his presence in Southeast Asia’s non-alcoholic beverage and dairy markets. F&N is currently Vinamilk’s second-largest shareholder, holding nearly 25% of the company.
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
Separately, SCIC Investment Co., a wholly owned subsidiary of the State Capital Investment Corporation (SCIC), has also registered to sell 1.45 million Vinamilk shares, equivalent to 0.069% of the company’s charter capital.
The divestment, aimed at portfolio restructuring, is expected to be carried out between January and February 27 through either order matching or negotiated transactions.
SCIC remains Vinamilk’s largest shareholder, holding nearly 752.5 million shares, or about 36% of the company’s outstanding equity.
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