A representative of Vietnam’s Masan Group food processing conglomerate has denied that SK Group has exercised a put option on its nine percent stake in the firm. This contradicts reports over the weekend in South Korean media.

The representative went on to say that the two companies were in the process of finalising a ‘roadmap’ for SK Group’s exit and suggested that the South Korean firm was looking to transfer its stake to another foreign investor.

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. Masan, which trades under the ticker MSN, closed at VND 76,200 or US$2.99 Friday valuing the company’s holding at about US$328.6 million. A sizable loss if sold at current prices.

SK Group, however, reportedly has a put option whereby it can sell its shares back to the firm at the price in paid back in 2018. It seems unusual that SK Group would not exercise this option under the current circumstances.

Of note, the firm is also reportedly looking to exit its position in Vietnam’s Vingroup.

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