Jardine Cycle: partial divestment in Vinamilk

Jardine Cycle: partial divestment in Vinamilk

Jardine Cycle & Carriage Completes Divestment of Vinamilk Stake

Jardine Cycle & Carriage Limited (JCCL), a subsidiary of Jardine Matheson Holdings, has finalized the sale of its remaining 6.02% stake in Vietnam’s Vinamilk through its wholly owned unit, Platinum Victory Pte Ltd. The transaction, conducted between January 28 and February 26, 2026, involved 125.76 million shares at an average price of VND70,900 ($2.70) per share, valued at approximately VND9 trillion ($342.88 million). This follows a prior partial divestment in December 2025, where JCCL sold a 4.6% stake (96.2 million shares) to F&N Dairy Investments Pte. Ltd. at VND62,555 ($2.40) per share, reducing its holdings from 10.62% to 6.02%.

The completion of the divestment leaves JCCL with no remaining ownership in Vinamilk, Vietnam’s largest dairy producer. F&N Dairy, which acquired the December 2025 stake, now holds nearly 25% of Vinamilk's shares, positioning it as the company’s second-largest shareholder after the Vietnamese state. SCIC Investment Co. Ltd., a state-owned entity, remains Vinamilk's largest shareholder with a 36% stake (752.5 million shares).

Vinamilk’s stock has risen nearly 16% year-to-date as of February 26, 2026, reflecting strong market confidence. The recent transactions underscore JCCL’s strategic reallocation of assets, while F&N Dairy’s expanded stake highlights growing foreign interest in Vietnam’s dairy sector.

Notably, SCIC had previously registered to sell 1.45 million Vinamilk shares but withdrew plans due to unfavorable market conditions, maintaining its dominant position. The divestment process by JCCL aligns with broader trends of portfolio optimization among multinational investors in Southeast Asia’s dairy industry.