F&N says it has not submitted any offer for SICC's stake in Vinamilk

FRASER and Neave (F&N) on Tuesday dismissed certain media reports which said it has submitted a US$4 billion offer to buy the State Capital Investment Corporation's (SICC) 45.1 per cent stake in Vietnam Dairy Product Joint Stock Company (Vinamilk).

"F&N has not submitted any offer to Vinamilk or the SICC with regard to any possible offer to purchase SICC's stake in Vinamilk," the Singapore-listed conglomerate said in a filing to the Singapore Exchange.

F&N, which holds a 11 per cent stake, is the second-largest shareholder in Vinamilk, which dominates the Vietnam market and boasts of a market value of about US$5.5 billion. Other shareholders include Templeton and JP Morgan Singapore.

Shares of Vinamilk jumped as much as 5 per cent to a record intraday high of 123,000 dong on Tuesday.

Analysts told Reuters the stock climbed after local media reported F&N was seeking to buy the government's 45 per cent stake in Vinamilk for US$4 billion, which is 43 per cent higher than present value.

Vietnam media had reported last month that the government would divest all its stake in Vinamilk. But no specific timeframe was given.