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.

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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.

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

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