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Vietnam’s retail giant Masan denies rumor of S.Korea’s SK Group divestment

Vietnam’s retail giant Masan denies rumor of S.Korea’s SK Group divestment

Monday, June 24, 2024, 14:47 GMT+7
Vietnam’s retail giant Masan denies rumor of S.Korea’s SK Group divestment
Masan Group has affirmed that the company and South Korea’s SK Groups are in the final stage of an orderly and market-based process for the latter to reduce its stake in the former. Photo: Masan

Masan Group, a leading enterprise in the consumer retail industry in Vietnam, has rejected a rumor that South Korea’s SK Group has divested its nine-percent stake in the Vietnamese firm.

Earlier, a South Korean newspaper reported that “SK Group has exercised a put option (the right to sell shares) to sell nine percent of its stake in Masan Group in Vietnam.”

Masan affirmed that the information was inaccurate, saying, “To date, SK has not exercised the put option.”

The two companies are in the final stage of an orderly and market-based process for SK Group to reduce its stake at Masan Group, targeting professional pre-identified investors who are familiar with Masan’s business operations, subject to optimal market conditions, according to the Vietnamese firm.

This process is designed to protect and maximize the interests of the shareholders of both companies, it added.

In 2018, SK Group, the third-largest group in South Korea, invested US$450 million in Masan Group and became the latter’s largest foreign investor.

In September last year, rumors that SK Group wanted to sell its shares in Masan captured the attention of stock investors in Vietnam.

At a meeting with investors last month, Danny Le, CEO of Masan Group, stated that the group would continue its partnership with SK Group.

He informed that SK Group's reduction of its stake in Masan Group would span 24 months.

Le emphasized SK Group's commitment to long-term investments in Vietnam and urged investors not to sell their shares.

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Thanh Ha - Binh Khanh / Tuoi Tre News

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