F&N lift Vinamilk stake via 4.6% stake purchase

It could raise interest from 20.39% to 24.99% in the dairy business.

Fraser and Neave, Limited (F&N) announced plans to acquire up to 4.6% additional shares in Vietnam Dairy Products Joint Stock Company (Vinamilk) for about $294,641 (VND6.011b), according to a bourse filing.

The proposed acquisition involves F&N Dairy Investments Pte Ltd’s purchase of up to 96,094,631 shares $3.07 (VND62,555) per sale share from Platinum Victory Pte Ltd, a subsidiary of Jardine Cycle & Carriage Limited, F&N said in a statement.

Following the proposed acquisition, F&N and its subsidiary F&NBev Manufacturing Pte. Ltd. will increase its effective interest in Vinamilk from 20.39% to 24.99%, it added.

The transaction is part of F&N’s plans to enter Vietnam’s dairy market through farming, manufacturing, and distribution.

The F&N Dairy and F&NBev are the subsidiaries of F&N and part of the Thai Beverage Public Company Limited group, the filing said.

The proposed acquisition is subject to completion conditions, the firm said in a statement.

There is no certainty or assurance that the acquisition will be completed or that no changes will be made to the terms of the transaction, it added.

It also advised shareholders and potential investors to exercise caution when dealing in F&N shares.

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