F&N increases stake in Vinamilk

Fraser and Neave purchased 15 million shares in the dairy milk company in Vietnam's fifth-largest equity capital markets deal in a decade.

Fraser and Neave, the Singapore-listed food and beverage company, paid $87 million on Monday for 15 million shares in Vietnamese dairy group Vinamilk, also known as Vietnam Dairy Products, making it one of the country's biggest equity deals of the past 10 years.

A small group of institutional shareholders sold the shares at Vnd123,333 each. Adjusted for a recent bonus issue and dividend, the price represented a 7.25% premium to Monday’s closing share price of Vnd115,000, according to a source close to the deal.

Foreigners looking to buy Vietnamese stocks are only allowed to purchase a limited amount of local stock, which is why FN...

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