Philip Ng raises stake in Vitasoy, prompting speculation of takeover

CEO Roberto Guidetti says it’s ‘open’ to potential business collaboration as company’s shares jumped the most on record

VITASOY International Holdings is “open” to potential business collaboration opportunities, chief executive officer Roberto Guidetti said, as the beverage maker’s shares jumped the most on record after a Singapore tycoon raised his stake in the firm.

“We are not initiating or pro-actively seeking collaboration opportunities, but of course, always open to evaluate collaboration opportunities that exist,” Guidetti said on Wednesday (Nov 27). “The fact that there is interest in the company is a good thing. Recognition that there is potential in the company going forward is a good thing.”

Guidetti’s comment came after Singapore billionaire Philip Ng upped his stake in Vitasoy to 12.26 per cent from 11.87 per cent, raising speculation over potential takeover efforts. Ng raised the holding via vehicles including Yeo Hiap Seng, one of Singapore’s largest beverage companies and part of the Ng family’s business group Far East Organization.

Vitasoy’s shares surged as much as 32 per cent in Hong Kong on Wednesday, the most since its listing in 1994.

Vitasoy executive chairman Winston Lo declined to comment on Ng’s move at an earnings briefing on Tuesday and said he had no idea what Ng plans to do. Ng has not publicly made any comment on his stake increase.

Vitasoy’s profit rose 5 per cent to HK$171 million (S$29.6 million) for the six months ended September. It announced an interim dividend of HK$4 cents per share, compared with HK$1.4 cents a year before. BLOOMBERG

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