Vinamilk, Vietnam’s largest dairy group, is to becoming the sole owner of US firm Driftwood Dairy.

In a stock exchange filing, Vinamilk said it had decided to up its shareholding in Driftwood from 70% to 100%. Vinamilk is paying US$10m for the remaining chunk of Driftwood.

Vinamilk first invested in Driftwood in 2013 when it acquired its initial 70% stake.

Last week, it emerged Vinamilk had decided to remove a limit on the shares foreign investors can own in its business.

Vietnam’s sovereign fund State Capital Investment Corporation holds just over 45% of the business, which is publicly listed. Last autumn, the Vietnamese government reportedly announced plans to offload its stake in Vinamilk.

Singapore food and beverage maker Fraser and Neave is the second-largest shareholder in Vinamilk, with a stake of around 10%.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Vietnam-based investment firm VinaCapital Group said it had been informed by Vinamilk of the decision to remove the cap.