Shareholders of both F&N and Vinamilk are putting eyes on a possible purchase F&N of the Vietnamese dairy firm.
Fraser & Neave, Limited (F&N) has not submitted any offer letter to Vietnam Dairy Products JSC (Vinamilk
) or the State Capital Investment Corporation (SCIC) with regard to any possible offer to purchase SCIC’s stake in Vinamilk, F&N said in an announcement filed on the Singapore Stock Exchange on Tuesday morning.
The Saigon Times newspaper late on Monday cited a source as saying that F&N had offered to acquire SCIC’s 45.1% holding in Vinamilk for $4 billion.
“Shareholders of F&N are advised to exercise caution when dealing with the shares of F&N and should refrain from taking action in relation to their shares on the basis of or reliance of these press reports,” says F&N.
F&N now holds an 11% stake in Vinamilk, in which foreign holdings have touched the cap of 45%.
Vinamilk (VNM) shares advanced 2.56% to 120,000 each at the break time on Tuesday, after having reached 123,000 a share.