BizLIVE - Singapore-based Fraser & Neave has refuted press reports saying that it has offered to acquire a majority stake in Vinamilk.
Fraser & Neave Denies Filing Offer to Buy Vinamilk Stake
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.