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|JC&C group is looking for similar purchases to further its presence in Vietnam|
The aggregate consideration for the relevant interest is approximately $616.6 million in cash, which will be funded by JC&C’s internal resources and external borrowings.
According to the information published on JC&C’s website, Platinum Victory picked up a 3.33 per cent stake in Vinamilk through an auction organised by State Capital Investment Corporation of Vietnam (SCIC) on November 10, 2017. After that, it acquired the balance shares, amounting to 2.2 per cent through open market purchases on November 13.
The taking of this relevant interest in Vinamilk is in line with the JC&C group’s strategy of investing in market leading companies in Southeast Asia. In particular, it increases JC&C’s exposure to the Vietnamese economy and consideration will be given from time to time to making further such investments.
A leading Singapore-based company, together with its subsidiaries and associates, JC&C has a strong regional automotive presence through direct motor interests operating in Singapore, Malaysia, and Myanmar under the Cycle & Carriage banner, as well as through Tunas Ridean in Indonesia and Truong Hai Auto Corporation in Vietnam.
JC&C employs over 240,000 people across Indonesia, Singapore, Malaysia, Myanmar, Thailand, and Vietnam.
JC&C has been present in Vietnam through its 25.1 per cent holding in the country’s largest automotive firm Truong Hai Auto as well as a 22.9 per cent ownership in listed Refrigeration Electrical Engineering Corporation.
JC&C is 75 per cent held by Jardine Matheson, a diversified business group focused principally on Asia, which also has interest in other Vietnamese businesses, including Asia Commercial Bank, Pizza Hut, KFC Vietnam, and several real estate assets.
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