Thai tycoon-controlled firm persistently seeks to raise stake in Vinamilk
Singapore-based F&N Dairy Investment Pte. Ltd is again planning to buy a large quantity of shares in Vietnam’s largest dairy firm Vinamilk after several failed attempts.

Customers shop at a Vinamilk store. Photo courtesy of VOV.
F&N Dairy Investment Pte. Ltd, controlled by Thai billionaire Charoen Sirivadhanabhakdi, has registered to buy 20.9 million shares in Vinamilk, listed on the Ho Chi Minh Stock Exchange as VNM, between August 2 and 30.
If successful, the Singaporean firm will increase its holding in Vinamilk to 390.65 million shares, or an 18.69% stake, from the current 17.69%.
Based on a price of VND67,700 ($2.68) a share, F&N Dairy Investment Pte. Ltd will need to spend VND1.41 trillion ($56 million) on the purchase.
Since the start of this year, F&N Dairy Investment Pte. Ltd has failed five times to acquire a similar amount of VNM shares, citing “unfavorable market conditions”.
Similarly, Platinum Victory Pte. Ltd, also domiciled in Singapore, has not been able to buy the same amount of VNM shares in five attempts. Earlier this month, the fund registered to buy 20.9 million VNM shares between July 15 and August 13 to increase its holding to 11.62% from the current 10.62%.
Both F&N Dairy Investment Pte. Ltd and Platinum Victory Pte. Ltd are affiliated to three board members of Vinamilk: Lee Meng Tat and Michael Chye Hin Fah, and Alain Xavier Cany.
Meanwhile, SCIC Investment One Member Company Limited (SIC), which is affiliated to Vinamilk’s two Vietnamese board members, has bought 1.45 million VNM shares since the start of this year.
Government-run State Capital Investment Corporation is now the largest shareholder in Vinamilk, with a 36% stake.
Other shareholders include F&N Bev Manufacturing Pte. Ltd. (2.7%), Deutsche Aktiengesellschaft (2.19%), and Fubon FTSE Vietnam ETF (1.28%), according to data from Saigon Securities Inc.
Vinamilk earned a consolidated net profit of VND4,865 billion ($192.4 million) on revenue of VND30,768 billion in H1/2024, up 20% and 5.7% year-on-year, respectively, according to the company’s financial statements.
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