Foreign investor buys up Vinamilk shares (Source: VNA)

HCM City (VNS/VNA) - A foreign investor, who did not want to be named, has bought all 48.3 million shares of Vinamilk offered at a recent auction at the Ho Chi Minh Stock Exchange.

The State Capital Investment Corporation (SCIC), the country’s sovereign fund which manages the Government’s stakes in companies, offered a 3.33 percent stake in Vinamilk at a minimum price of 150,000 VND (6.61 USD) per share.

The auction attracted 19 local and foreign investors, who had registered to buy a total of 73.84 million shares.

The foreign investor won the bid by offering the highest price of 186,000 VND, with the SCIC raising 8.99 trillion VND from the sale.

Nguyen Duc Chi, chairman of the SCIC, said the improvement in the stock market and Vinamilk’s good performance this year as well as its future prospects contributed to the success of the auction.

The transaction has to be completed this month.

Vinamilk shares rose to 173,800 VND on November 10.

The Government now has a 36 percent stake in Vinamilk, still the largest stakeholder and with a decisive voice in the company.

This was the second time the SCIC sold Vinamilk shares. The first time, last December, it had offered a 9 percent stake but managed to sell only 5.4 percent.

The 3.33 percent stake auctioned on November 10 was from that unsold portion.

Chi said SCIC is wrapping up procedures to divest Government stakes in other companies too this year.-VNA