Jardine Cycle & Carriage announced that its subsidiary Platinum Victory Pte. Ltd. signed a transfer agreement for 96 million Vinamilk shares to F&N Dairy Investments Pte. Ltd., part of Fraser and Neave. The deal is valued at approximately 6.011 trillion VND (228 million USD), with an average share price of 62,555 VND, slightly above the market price of 62,000 VND/share. F&N’s ownership will increase from 20.39% to 24.99%, while Jardine Cycle & Carriage will decrease from 10.62% to 6.02%. A major governance change is expected as Platinum Victory’s representative is set to resign from Vinamilk’s board. The transaction will be executed via the Ho Chi Minh Stock Exchange within the next 35 days. F&N serves as a strategic extension for Thai billionaire Charoen Sirivadhanabhakdi, who acquired Sabeco through Thaibev.
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