JavaScript is off. Please enable to view full site.

Vingroup stock sees green after $1bn investment from S. Korea’s SK Group

Friday, May 17, 2019, 14:03 GMT+7
Vingroup stock sees green after $1bn investment from S. Korea’s SK Group
A man gestures at a screen showing stock information at the Ho Chi Minh City Stock Exchange (HoSE) during a trading session on May 16, 2019. Photo: Tran Kien / Tuoi Tre

Vingroup stocks traded higher on Thursday after South Korea’s chips-to-energy conglomerate SK Group agreed to buy 6.1 percent of the Vietnamese firm for US$1 billion as it expands its investments in the Southeast Asian country.

Vietnam has one of the region’s fastest-growing economies, backed by robust exports and foreign investment.

Last year, SK bought 9.5 percent of Vietnam’s second-biggest conglomerate Masan Group Corp for $470 million.

SK Group announced in a statement on Thursday that it will actively seek new business opportunities in Vietnam as a strategic investor in conglomerate Vingroup.

“Vingroup and SK Group intend to enter into future joint strategic investments that will leverage each party’s expertise and enhance both groups’ abilities to serve the Vietnamese market and the region,” both companies said in a statement.

Vingroup stocks rose by 1.39 percent to VND116,000 (US$4.97) on Thursday after the announcement.

Stocks of its housing arm Vinhomes also improved by 1.2 percent to VND87,000 ($3.72).

SK Group is one of the largest conglomerates in South Korea, ranking 84th in the 2018 Fortune’s Global 500 list of the world’s largest companies.

Vingroup, once a real estate and retail conglomerate, has grown to become Vietnam’s largest listed firm with a market capitalization of more than $16 billion.

The company recently launched its first smartphones and cars, and is looking to make a foray into artificial intelligence.

The transaction is subject to regulatory approvals.

Credit Suisse acted as Vingroup’s sole advisor for the deal.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Tuoi Tre News

More

Read more

;

Photos

VIDEOS

Experience summer sand-boarding in Mui Ne

Sand-boarding, a popular activity amongst local children in the coastal tourism town of Mui Ne in south-central Vietnam, is attracting hundreds of tourists to the Red Sand Dunes

Young maple trees given better protection as Hanoi enters rainy season

The trees are currently growing well, with green leaves and healthy branches.

Hunting skinks for food in southern Vietnam

Skink meat is known to be soft, tasty, and highly nutritious.

Vietnamese-made app allows people to grow real veggies via smartphone

Nguyen Thi Duyen, a young engineer in Hanoi, developed the app and its related services to help busy people create their own veggie gardens.

Chinese tourists hit by Vietnamese over dine and dash

Four Chinese were reportedly injured, with one having a broken arm.

Latest news

China earthquake kills 12, injures 134

State broadcaster CCTV showed footage of rescuers bringing a survivor out of the rubble of a building on a stretcher overnight. Other images showed a woman being helped out of another collapsed structure

Saigonese exchange e-waste for trees

People exchanged over 1,000 unusable electronic devices for potted succulents or environmentally friendly gifts at the event in Ho Chi Minh City