Singaporean shareholder dismisses media reports of possible Vinamilk takeover

Thanh Nien News

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 A file photo of a worker inside a Vinamilk factory. Photo: N.L
Fraser and Neave, the second biggest shareholder of Vinamilk, has rejected media reports that it offered to buy all the state-owned 45.1 percent stake in the dairy giant, Singapore's Business Times reported on Tuesday.
The Singaporean conglomerate, whose subsidiary F&N Dairy Investment owns a 9.54 percent stake in Vinamilk, dismissed the claim in its filing to the Singapore Exchange, according to the news website.
Vietnamese media reported about F&N's offer on Monday. On Tuesday, Vinamilk's stock jumped 5 percent to VND123,000 ($5.42).
Vietnam's government announced last month that it will sell its stakes in Vinamilk along with another nine companies, including information technology group FPT and insurer Bao Minh Group. No specific timeframe has been announced. 
Vinamilk has sought the government's permission to put its stake up for auction to ensure a transparent process and avoid market upsets, local media reported.
Officially known as Vietnam Dairy Products JSC, the company had its initial public offering in October 2003. It sold more shares in February and November 2005.
Vinamilk posted a net profit of over VND7 trillion ($310.29 million) in the first nine months this year, up 30.2 percent from the same period last year.
It assets were estimated at more than VND25.95 trillion ($1.14 billion) as of September 30.
Vinamilk is the biggest brand in Vietnam with a brand value of $1.13 billion, Brand Finance said in a report last month.

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