The logo of SK Group is seen in front of a building in Seoul, South Korea, Feb. 3, 2017. Photo by Reuters
South Korean chaebol SK Group has sold 76 million shares of conglomerate Masan Group to a number of unidentified investors but retained the remaining 55 million shares.
The deal reduces SK Group’s ownership in Masan from 8.72% to 3.67%, the Vietnamese firm said in a disclosure Friday.
It added that the shares were bought by large organizations with long-term vision for the company. They are based in Asia, Europe and the U.S.
SK Group’s remaining 55 million shares of Masan will be subject to transfer restrictions to help stabilize the company’s shareholder structure as it seeks to achieve strategic growth targets, Masan added.
Foreign investors net sold VND1.3 trillion (US$51.4 million) worth of Masan shares Thursday, sending them down 1.9%. They closed 2.7% lower Friday at VND74,500, lowest in over a month.
SK Group still holds a 4.9% stake in The CrownX, Masan’s retail-consumer business, which comprises retail chain operator WinCommerce and Masan Consumer Holdings.
South Korean media have reported earlier that SK Group, the third largest chaebol in the country, have been making moves to restructure its investment. It expected to collect around $720 million from the endeavor.
Last year SK Group denied rumors of divesting from Vietnam and instead affirmed its long-term commitment to the country, which it eyed to become a business hub in Southeast Asia.
Masan’s revenue fell 5% year-on-year to VND60.48 trillion in the first nine months, while its post-tax profit doubled to VND2.73 trillion, exceeding the year’s target by almost a third.
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