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Tuesday, July 16, 2024

F&N Dairy Investment to increase stake in Vinamilk

The Saigon Times

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HCMC – Singapore-based F&N Dairy Investment, a large shareholder of Vietnam’s leading dairy firm Vinamilk (VNM), has registered to buy nearly 20.9 million VNM shares from December 6 to January 4.

Once the transactions are completed, the Singaporean firm would raise its ownership in Vinamilk from 17.69% to 18.69%.

In related news, Vinamilk has announced its board’s resolution on the dissolution of Vibev, a food and beverages joint venture between Vinamilk and Kido’s Corporation, citing changes in their business strategies.

Kido gave the same reason, adding that the global and domestic economic uncertainties were also behind their dissolution decision.

Vibev was founded in March last year with the initial investment of VND400 billion. Of this, Kido contributed VND196 billion, or 49%, the rest was financed by Vinamilk.

Closing the trading session today, December 2, VNM inched up 1.94% day-on-day at VND84,000.

The VN-Index of the HCMC market added 43.73 points, or 4.22%, against the previous session at 1,080.01, with advancers far outnumbering decliners by 361 to 92.

Trade on the southern bourse contracted 18.76% in volume and 17.9% in value over the session earlier at around one billion shares and over VND17.9 trillion, including some VND1.6 trillion worth of shares traded in block deals.

All stocks in the VN30 basket advanced, with eight of them hitting their upper limits.

The HNX-Index on the northern bourse also ended on an upbeat note. With 115 winners and 75 losers, the index rose 4.95 points, or 2.35%, compared to yesterday at 215.96.

In the HNX30 basket, only six stocks were decliners. The rest closed higher.

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