SCIC will auction a 3.33-percent stake at Vinamilk on November 10 (Photo: Vinamilk) HCM City (VNA) – The State Capital InvestmentCorporation (SCIC) organised a roadshow in Ho Chi Minh City on October 18 tointroduce opportunities from the offloading of its 3.33-percent stake at theVietnam Dairy Products Joint Stock Company (Vinamilk).
The stake to be sold is equivalent to more than48.3 million shares. However, investors have to wait until November 1 to knowthe shares’ starting price.
Compared to the previous sale, the upcomingauction, slated for November 10 at the HCM Stock Exchange, is more open toforeign investors who can make deposits in USD, but these deposits will have tobe converted into VND if they win the auction.
Nguyen Duc Chi, Chairman of the SCIC membercouncil, said if this auction is successful, the State will hold only 36percent of Vinamilk’s charter capital.
[SCIC to auction 3.33 percent of Vinamilk stake next month]
At the first auction last December, the SCICoffloaded more than 130 million shares in the dairy firm but sold only 60percent of them.
Two similar roadshows to popularise the auctionare scheduled to be held in Singapore and Hong Kong in the time ahead.
As of September 2017, Vinamilk had made up 57.8percent of the dairy market share in Vietnam. It is set to produce 2.8 milliontonnes of products of all kinds by 2021, up 70 percent from 2016. It alsotargets 80 trillion VND (3.5 billion USD) in revenue by that year.-VNA
VNA
