F&N dismisses media reports about offer to buy stake in Vinamilk

F&N's dairy unit is the second-largest shareholder in Vinamilk, which dominates the Vietnam market.
F&N's dairy unit is the second-largest shareholder in Vinamilk, which dominates the Vietnam market.PHOTO: BLOOMBERG

SINGAPORE - Fraser and Neave (F&N) has dismissed media reports about its US$4 billion (S$5.6 billion) offer to buy a stake in Vietnam Dairy Product Joint Stock Company (Vinamilk).

In an exchange filing on Tuesday (Nov 3), F&N said it has not submitted an offer to purchase the State Capital Investment Corporation's 45.1 per cent stake in Vinamilk. The State Capital Investment Corporation is Vietnam's sovereign wealth fund.

F&N's dairy unit, which holds a 11.04 per cent stake, is the second-largest shareholder in Vinamilk, which dominates the Vietnam market and has a market value of about US$5.5 billion. Other shareholders include Templeton and JP Morgan Singapore.

Vietnam media had reported last month that the government would divest its entire stake in Vinamilk.