F&N succeeds in boosting Vinamilk stake to 16.35%

FOOD and beverage firm Fraser & Neave (F&N) said it has succeeded in its bid to acquire 5.4 per cent more of Vietnam Dairy Products Joint Stock Company, or Vinamilk.

This will boost its holdings to 16.35 per cent.

Listed on the Ho Chi Minh Stock Exchange, Vinamilk makes dairy products including powdered, liquid and condensed milk and yoghurt, as well as beverages like soya milk, fruit juice and tea.

F&N will pay about S$709 million for the additional Vinamilk shares, which are acquired at 144,000 dong (S$9.05) a share.

The net profit before tax, non-controlling interests and exceptional items of the 12-month period to Sept 30, 2016 of Vinamilk's attributable sale shares was around S$24 million.

F&N traded at S$2.09, down a cent, before the announcement.