Masan Group Corporation (HSX: MSN) today announced the completion of SK Group’s (SK Group) purchase of 109,899,932 treasury shares at VND100,000 ($4.4) per share, a total consideration of approximately $470 million. SK Group is now the largest foreign shareholder of Masan Group. SK Group is now a strategic partner of Masan Group Masan Group signed a strategic partnership agreement with SK Group on September 19. The agreement will enable the two parties to draw on each other’s strengths to accelerate Masan’s and SK’s respective growth strategies. The corporate groups aim to jointly pursue transformational business opportunities in Vietnam and to synergise existing business units. SK Group is one of the largest corporate groups in South Korea, with business across energy, chemicals, telecommunications, semiconductors, logistics, and services. SK Group operates globally across more than 40 countries and had a combined revenue of $141 billion as of the end of 2017. SK’s investment of approximately $470 million will entirely comprise of new capital and SK will own 9.5 per cent of Masan Group. The company plans to utilise the proceeds to fund its future growth initiatives, as well as to strengthen its balance sheet. With a strong balance sheet, Masan will add… Read full this story
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