Recent treasury share sale puts SK’s holding in Masan at 9.5%.
The Masan Group Corporation (HSX: MSN) has announced the completion of the SK Group’s purchase of 109,899,932 treasury shares at VND100,000 ($4.28) each, for a total consideration of approximately $470 million. SK is now the largest foreign shareholder in the Masan Group with a 9.5 per cent holding.
“We will actively work together to identify strategic opportunities to expand into attractive categories in Vietnam, where SK can add significant value through our know-how and technology,” Mr. Woncheol Park, Representative Director of SK South East Asia Investment, said at the signing of the arrangement in mid-September. “We believe this is the first of many investments with Masan and that this partnership will be a win-win for both. We look forward to working alongside Masan immediately to deliver on our transformational game plan.”
The SK Group is one of the largest corporate groups in South Korea, with businesses across the energy, chemicals, telecommunications, semiconductors, logistics, and service sectors. It operates globally in over 40 countries and earned combined revenue of $141 billion in 2017.
The Masan Group Corporation believes in doing well by doing good. The company’s mission is to provide better products and services to the 90 million people of Vietnam, so that they can pay less for their daily basic needs. Masan aims to achieve this by driving productivity with technological innovation, trusted brands, and focusing on fewer but bigger opportunities that impact the most lives.
Its member companies and associates are industry leaders in branded food and beverages, consumer agriculture (meat), value-added chemical processing, and financial services, altogether representing segments of Vietnam’s economy that are experiencing the most transformational growth.
Doanh Doanh report on Vneconomictimes