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Thursday, July 25, 2024

F&N Dairy Investments to raise stake in Vinamilk

The Saigon Times

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HCMC – F&N Dairy Investments PTE. LTD, a major shareholder of Vietnam Dairy Products JSC (Vinamilk, ticker: VNM), has registered to buy a large amount of VNM shares after four consecutive failures due to unfavorable market conditions.

Specifically, F&N Dairy Investments registered to buy around 20.9 million VNM shares through block deal and order-matching transactions from July 1 to 30.

Once these transactions are completed, F&N Dairy Investments would raise its stake in Vinamilk from 17.69% to 18.69% of the local firm’s charter capital.

Since early 2024, F&N Dairy Investments has four times sought to purchase 20.9 million VNM shares, but these attempts have been unsuccessful. The most recent instance was from May 28 to June 26, when the organization again tried to acquire the shares without success.

In 2024, Vinamilk looks to make VND63.1 trillion in revenue and VND11.5 trillion in before-tax profit, up 4.4% and 5% compared to 2023, respectively.

At the end of Q1/2024, Vinamilk reported revenue of nearly VND14.1 trillion, rising by 1.23% versus the year-ago period and achieving 22.36% of its annual plan. Its before-tax profit reached VND2.7 trillion, up by over 17% and completing 23.5% of the full-year plan.

Closing the trading session today, June 27, VNM inched up by 0.15% day-on-day to VND65,300, with 2.7 million shares changing hands on the southern exchange.

The VN-Index of the Hochiminh Stock Exchange lost 2.15 points, or 0.17%, against yesterday’s session, at 1,259.09 points, with 175 winners and 214 losers.

Nearly 597 million shares worth VND15.2 trillion were traded on the southern exchange, plummeting by 32% in volume and 27% in value compared to the previous session. Block deal transactions contributed around VND2.8 trillion to the overall value.

VPB and POW were the most liquid stocks on the market, with trading volumes of 25 million and 15 million units, respectively. VPB closed at a reference price of VND19,000, while POW dropped by 3.6% to VND14,750, making it the biggest decliner among blue-chip stocks.

On the northern exchange, the HNX-Index added 0.39 point, or 0.16%, day-on-day at 240.07 points. There were over 46.4 million shares changing hands, with a total value of VND956 billion.

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