South Korea’s SK Group has seen its position in Vietnam’s Masan Group reduced to just 3.67 percent of the firm’s charter capital after offloading 76.28 million shares, according to a press release from Masan issued Friday. This is in line with a planned divestment announced back in June, with its holding in the company significantly diminished in value.
Specifically, in 2018, SK group bought 109.9 million shares in Masan Group for VND 100,000 or US$4.29 per share for a total of just over US$470 million. When it announced that it would be divesting, shares in Masan, which trades under the ticker MSN, were trading at about VND 76,200 or US$2.99 valuing the company’s holding at about US$328.6 million.
There were reports around the time that SK Group had exercised a put option on these shares which Masan denied with an announcement following not long after that the put option had been extended. However, it now looks as though that put option may have been exercised although it’s not exactly clear, such is the vague nature of corporate communications in Vietnam.
The press release did, however, say that:
“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.”
See also: Vietnam Stock Reviews: Masan Group