YKVN advises State Capital Investment Corporation (SCIC) on its divestment of a 5.4% stake in Vietnam Dairy Products JSC (Vinamilk) through an auction process at the Ho Chi Minh City Stock Exchange (HOSE). Vinamilk is the largest listed company in Vietnam by market capitalisation. SCIC, the controlling shareholder of Vinamilk, intended to sell approximately 9% Vinamilk shares through an auction process. SCIC engaged a consortium consisting of Morgan Stanley, VinaCapital and Saigon Securities Inc. as financial advisors.
The sale is done at a very compelling price at a substantial premium to the current spot price and close to the analyst target price. The sale is also a resounding market success and is the largest equity market monetisation in South East Asia in 2016.