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F&N buys nearly $500 million of Vinamilk shares

Partial sale of Vietnamese government stake first of 12 planned asset disposals

Vinamilk products line the shelves of a supermarket in Vietnam.

HO CHI MINH CITY -- Singapore-based conglomerate Fraser & Neave (F&N) on Monday bought an additional 5.4% stake in Vietnam Dairy Products, better known as Vinamilk, through two wholly owned subsidiaries. The deal was valued at 11.2 trillion dong or $498.9 million.

That brings F&N's stake in the top Vietnamese diary producer to 16.35%, up from 10.95%, and raises the share of the company held by foreign investors to 53.63% from 48.23%.

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