SK Group completes sale of 76 million Masan Group shares

November 04, 2024 | 18:22

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SK Group has successfully sold 76 million shares in Masan Group on October 31 via the put-through method.

SK Group completes sale of 76 million Masan Group shares

Photo: Masan

The sale reduces SK Investment Vina I Pte. Ltd.'s (SK Group) in Masan Group to 3.67 per cent of charter capital, thereby ceasing to be a major shareholder.

The transaction is a notable trade for a non-foreign-ownership-limitation stock in Vietnam, underscoring the strong interest from global investors in Masan as a proxy for the positive macroeconomic outlook for the country.

The transaction was anchored by existing institutional investors and new long-only investors based in Asia, Europe, and the US.

Additionally, the remaining shares held by SK Group are subject to a customary lock-up period, supporting the stability of Masan Group’s shareholder structure as it advances its growth and strategic initiatives.

In the third quarter of this year, Masan recorded VND701 billion ($27.7 million) in net profit, a 15-fold on-year increase, driven by strong profitability momentum across the consumer-retail businesses and lower debt-incurring net financial expenses.

Having delivered VND1.31 trillion ($51.8 million) in Net Profit After Tax (NPAT) post-minority interest in the first nine months of 2024, Masan achieved over 130 per cent of the base-case full-year NPAT guidance as approved by shareholders at the beginning of the year.

Masan expects to continue to improve the bottom line in the final quarter of 2024 with the expectation of approaching the full-year high-case guidance.

Masan Group and SK plan gradual stake sale over two years

Masan Group and SK Group have outlined a phased divestment strategy over the next 24 months, alleviating concerns about a sudden sell-off impacting share prices, according to Danny Le, CEO of Masan Group.

SK Group extends the put option for its long-term investment in Masan Group

South Korean conglomerate SK Group and Vietnamese corporation Masan Group (HSX: MSN) announced an agreement on September 4 to extend the timeline for SK Group's put option with Masan by up to five years.