Vinamilk board member Alain Cany to step down following JC&C's ownership reduction

Alain Cany has submitted his resignation from Vinamilk's (HoSE: VNM) board of directors following a sharp reduction in ownership by Platinum Victory Pte. Ltd, a major foreign shareholder linked to Jardine Cycle & Carriage (JC&C), according to the Vietnamese dairy producer.

The company said the resignation will be presented for approval at Vinamilk’s AGM scheduled for April 22.

In his resignation letter submitted on Monday, Cany said the move was made at the request of Platinum Victory, a wholly-owned subsidiary of JC&C.

He was nominated to the Vinamilk board in 2022. Last December, Platinum Victory cut its stake in the dairy producer to 6.02% from 10.62%. Recently, it has registered to divest all remaining 125.76 million Vinamilk shares it holds.

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.

After eight years as a long-term shareholder, the Jardine-linked investor has shifted strategy and repeatedly registered share sales, signalling an intention to fully exit Vinamilk. The changes come as both foreign and state-linked investors adjust their exposure to the consumer goods group.

Separately, SCIC Investment Co., a wholly owned subsidiary of Vietnam's 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.

VNM shares ended up 0.56% to VND72,000 ($2.77) each on Wednesday.