Singapore’s automotive group Jardine Cycle & Carriage (JC&C) has increased its stake in Vietnam’s largest dairy company Vinamilk to 10%.

The listed company acquired more than an additional 16.4m shares through its wholly-owned subsidiary Platinum Victory Pte, equivalent to another 1.1% holding. JC&C now has an “aggregate interest” of 145,589,861 million shares, it said in a statement clarifying the multiple purchases made last week.

Last Monday (13 November), JC&C, which is part of the Jardine Matheson conglomerate, announced the first of the purchases with a 5.53% stake for US$616.6m. According to the most recent document, the aggregate cost of the total stake acquired amounts to $1.016bn.

Vietnam’s government continues to cut its holdings in Vinamilk held by sovereign investment fund State Capital Investment Corp (SCIC), which owns 36%. Food and drink company Fraser and Neave holds 18.74%, while the remaining shares are held by fund managers mainly in Singapore, Hong Kong, the US and UK. 

JC&C reiterated the move is part of a strategy to invest in market leading companies in south-east Asia and “consideration will be given from time to time to making such further investments”.