Vietnamese dairy company Vinamilk has fully acquired US-based Driftwood Dairy by buying the remaining 30% stake for $3m.
The acquisition comes more than two years after the company bought 70% stake in the US company for $7m.
Driftwood Dairy distributes an array of dairy and food service products which range from dairy to a full line of gourmet cheese, juices, salads, drinks, ice cream and bread.
It markets the products to schools, hotels, convalescent hospitals, independent markets, restaurants, government installations, and other distributors, according to the company's website.
In 2015, Vinamilk also raised its stake in New Zealand-based dairy company Miraka from 19.3% to 22.8%, Thanh Nien News reported.
Vinamilk is a state-controlled company exporting baby formula, soymilk and UHT milk products to 42 countries. It operates a wholly-owned subsidiary in Poland and a factory in Cambodia in partnership with local company Angkor Dairy Products.
The dairy company has been attracting investments from overseas investors after the removal of 49% cap on foreign ownership in the company.
Vinamilk CEO Mai Kieu Lien was quoted by Nikkei Asian Review as saying at the annual general meeting: "We expect sales overseas contribute as much as 50% of total revenue (from the current 13%), benefiting from the relationship with foreign investors and partners after the cap is removed."
Vietnam's State Capital Investment Corporation (SCIC), which owns a 45.06% stake in the company, has to decide whether to retain or offload part of its stake.
Vinamilk is valued at $7.85bn and its brand value is at around $1.5bn. Vinamilk shares represents around 50% of the value of state-owned listed companies in the government's portfolio, the publication reported.
However, the company has not set a timeframe on when the current limit would be eliminated, according to Vinamilk investor relations manager Tran Chi Son.
The decision to open up Vinamilk is significant in view of the planned divestment of the government's 45% stake, held by SCIC which is worth $3.5bn.
In 2015, Vinamilk reported revenue of VND40.22 trillion ($1.8bn), which was up 14% from 2014, and net profit of VND7.77 trillion ($348m), up 28%. This year, it is expecting 11% rise in revenue and 6% in profit.
