Vietnam is to offload part of its shareholding in Vinamilk, the country’s largest dairy company, in two weeks’ time.

The State Capital Investment Corporation, Vietnam’s sovereign fund, reportedly plans to sell a 9% chunk of its 45% stake in Vinamilk on 2 December.

According to Reuters, the SCIC said it did not have a strategic buyer in mind and would sell to the highest bidder.

“We will not pick a strategic investor for this divestment of SCIC and we will publicly announce and create a fair chance for all interested investors,” SCIC chairman Nguyen Duc Chi reportedly said.

Chi said this week the SCIC had not received any proposals from Singapore-based food and beverage group Fraser and Neave, which is the second-largest shareholder in Vinamilk.

Speculation Vietnam planned to sell its stake in Vinamilk first emerged in the autumn of 2015. In September of this year, the SCIC said it planned to offload the shareholding in stages. Chi said this week the SCIC had not decided when it would sell the rest of the Vinamilk shares, Reuters said.

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By GlobalData