Vinamilk plans 1 percent stock buyback

By Dat Nguyen   May 11, 2020 | 09:58 pm PT
Vinamilk plans 1 percent stock buyback
Vinamilk products are displayed for sale at a supermarket in Hanoi, Vietnam. Photo by Reuters/Kham.
Dairy giant Vinamilk plans to buy back 1 percent of its shares from the market at an estimated VND1.9 trillion ($81.4 million).

The buyback is scheduled for May 21-June 20 and would be done by matching orders or negotiations, according to a company statement.

It currently has 0.02 percent treasury stock and this will increase to 1.02 percent post-purchase.

The Vinamilk stock plummeted 30 percent during the selloff in March to VND84,000 ($3.5) before recovering to VND110,000 ($4.7) currently.

It was the third most profitable listed company in the first quarter, behind real estate firm Vinhomes and state-owned lender Vietcombank, with pretax profits staying virtually unchanged year-on-year at VND3.3 trillion ($141 million).

Vinamilk, one of the world’s 50 largest dairy producers, reported growth in exports of 14.8 percent last year to VND5.17 trillion ($223 million).

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