First State Investments (FSI) recently added to their stakes in both Vitasoy International Holdings (Vitasoy) and China Mengniu Dairy Company Limited (Mengniu Dairy).
According to a filing submitted to the Hong Kong Stock Exchange on June 27th, 2017, FSI bought 218,000 shares of Vitasoy on the exchange at an average price of HKD 16.02 per share on June 26th (total consideration was ~US$447,000). Following the purchase, their stake in Vitasoy increased slightly, from 12.99% to 13.01% of the company’s shares outstanding.
Vitasoy is a soy milk drinks company that was founded in 1940 by Dr. Kwee Seong Lo. Today, the company’s product range includes tofu, juices, coffee, teas and water. Their products are stocked by stores and supermarkets in over 40 countries around the world. You can learn more about the company here.
On the same date, FSI bought 4,331,000 shares of Mengniu Dairy on the exchange at an average price of HKD 15.24 per share (total consideration was US$8.5m). Following the purchase, their stake in the company increased from 9.99% to 10.10% of the company’s shares outstanding.
Mengniu Dairy manufactures and distributes dairy products in China. The company’s product range includes liquid milk products (such as UHT milk, milk beverages and yogurt), ice cream, milk formula and other dairy products (such as cheese).
FSI, known as Colonial First State Global Asset Management in Australia, is the international operation of the Commonwealth Bank of Australia’s asset management business. They provide a diversified range of products to both retail and institutional investors.