Vinamilk, Vietnam’s largest dairy company, has confirmed the country’s government plans to sell a batch of its shares in the company by the end of the year.

Nguyen Duc Chi, the chairman of Vietnam’s State Capital Investment Corporation, which owns just over 44% of Vinamilk, reportedly said this week the fund is looking to sell a 9% chunk this year.

Chi’s comments were confirmed by a spokesperson at Vinamilk.

“SCIC are trying to sell that portion within this year and they are inviting a few advisor firms to help them evaluate and advise on further related matters. With the current price of VND140,000 per share, they would probably earn about US$800m by selling this 9% portion,” a spokesperson for Vinamilk told just-food today (30 September).

Last month, Singapore-based food and beverage group Fraser and Neave, which owns just over 11% of Vinamilk, said it was open to upping its stake in the company.

In August, Vinamilk reported a 29% increase in second-quarter net profit to VND2.8trn (US$125.5m). Net sales for the second quarter was VND11.6trn compared to VND10trn for the same period last year.

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By GlobalData

In 2015, Vinamilk’s net profit after tax reached VND7.77trn, an increase of 28.1% on the year. Net revenue rose 14.3% to VND40.08trn.