Vinamilk, Vietnam’s largest dairy group, is to acquire a 47% stake in local peer GTNFoods.
The deal, confirmed in an announcement on the Ho Chi Minh Stock Exchange (HOSE), will see Vinamilk gain an interest in Moc Chau Milk – in which GTNFoods has a 51% stake – as well as two other state-run agricultural companies.
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The HOSE announcement said Vinamilk plans to acquire 116.7m shares in GTNFoods, an investment of around VND1.5trn (US$64.8m).
GTNFoods was established in 2011 and has grown through acquisition, including those of Ladofoods and Vietnam Livestock Corporation (Vilico). It is its holding of 75% of Vilico’s shares, that sees it owning, indirectly, 51% of Moc Chau Milk.
Vinamilk had a 55% market share of Vietnam’s liquid milk market in 2018.
The company was established in 1976 as the state-owned Southern Coffee-Dairy Company. Following its IPO on the Ho Chi Minh Stock Exchange in 2003, the company changed its name to Vietnam Dairy Products Joint Stock Company (Vinamilk).
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By GlobalDataThe company produces and distribute condensed milk, powdered milk, fresh milk, soya milk, yogurts, ice-cream, cheese, fruit juice, coffee and other products derived from milk in its home market and exports to the Middle East, Cambodia, the Philippines and Australia.
