Nutifood buys 2 mln shares in soy milk brand owner

The deal, estimated to be worth VND87 billion ($3.72 million), increased Nutifood’s ownership to 19 million shares, or a 5.33 percent stake.

There have been rumors since the end of last year that Nutifood was seeking to increase its stake in Quang Ngai Sugar to develop its own soy milk segment and increase market share to compete with dairy giant Vinamilk.

Nutifood’s post-tax profit rose 4 percent year-on-year in the first six months of this year to VND541 billion.

It targets full-year profits of VND1.01 trillion.