Jardine Cycle & Carriage registers to acquire additional shares of Vinamilk Jardine Cycle & Carriage Limited Group is expecting to spend around VND2.4 trillion ($105.7 million) to become the largest shareholder of Vietnam Dairy Product JSC (Vinamilk - code: VNM), while F&N Dairy Investments continues to register an additional ten million shares of Vinamilk.   Foreign fund Platinum Victory recently announced it has successfully acquired over 129,000 VNM shares, raising its ownership of Vinamilk to 10.62 per cent. The fund has also registered to buy 14.5 million more shares of VNM, raising its ownership to 11.62 per cent. The transaction will take place between July 18 and August 16 via three methods of negotiation, order matching on the stock exchange, or transactions at the Securities Depository Centre. Platinum Victory expects to spend roundly VND2.4 trillion ($105.7 million) on this deal with the price of VNM shares at VND170,000 ($7.5). Platinum Victory is a fund of Jardine Cycle & Carriage (JC&C), a multi-industry regional business group. It began in 1899, selling everything from soap and screwdrivers to bicycles and later cars, expanding into Singapore in 1926. JC&C has some major subsidiaries, including Astra International (based in Indonesia) covering the automatic industry, finance, heavy industry, agriculture, logistics and real estate; and multinational corporation Direct Motor Interests which invests in the automobile sector in five countries including Vietnam, Malaysia, Singapore, Myanmar and Indonesia; as well as a number of others. In Vietnam, JC&C holds a 25 per cent stake of Truong Hai Auto Corporation (THACO) and 23 per cent of Refrigeration Electrical Engineering Corporation (REE). This movement of JC&C has been made while F&N Dairy Investments owned by Thai billionaire Charoen Sirivadhanabhakdi is repeatedly registering to buy VNM stocks. While F&N has owned Vinamilk shares since 2005, Platinum Victory only set eyes on the firm last November, spending around VND9 trillion ($396.5 million) on 48.3 million VNM shares (equivalent to 3.3 per cent). To date, Platinum Victory is the third largest shareholder of Vinamilk, owning 10.62 per cent. Talain Xavier Cany has been a representative of JC&C in Vinamilk's board of management since March. The second largest shareholder of Vinamilk is F&N Dairy Investments, owning more than 20 per cent. The largest shareholder is SCIC with 36 per cent. VIR