Platinum Victory Pte. Ltd, a wholly-owned subsidiary of Singapore-based automotive group Jardine Cycle and Carriage (JC&C), has registered to purchase an additional 14.51 million shares of Vietnam’s largest dairy producer Vinamilk.
The purchase will be made via order-matching transactions or through the Vietnam Securities Depository (VSD) between May 9 and June 7, 2018, according to VnEconomy.
If the transaction is successful, Platinum Victory will hold 160.1 million shares of Vinamilk, equivalent to 11.03 percent ownership of the company.
At the end of the trading session on May 8, the market price of Vinamilk’s shares was 185,100 VND (8.13 USD) per share. At this price, Platinum Victory will have to spend some 2.549 trillion VND to increase its ownership in Vinamilk.
Platinum Victory is currently the third-largest shareholder of Vinamilk, following State Capital Investment Corporation of Vietnam with 36 percent and Singapore’s food and beverages company Fraser and Neave Ltd with 20 percent.
JC&C, a subsidiary of Jardine Matheson, has been present in Vietnam for over a decade. It now owns about 25 percent of stake in automobile producer Thaco and nearly 25 percent in Refrigeration Electrical Engineering Corporation.
In addition to operating in real estate, hotel and financial services, Jardine Matheson, the parent company of JC&C, holds shares of many franchise brands in Vietnam, such as KFC and Pizza Hut.