South Korea’s third largest conglomerate SK Group has acquired 16.26 per cent stake in Masan Group’s VinCommerce for US$410 million.
What happened
South Korea’s third-largest conglomerate SK Group has acquired a 16.26-per-cent stake in Masan Group’s VinCommerce for US$410 million.
Why it matters
The deal values VinCommerce at around $2.5 billion.
“SK’s investment agreement in VinCommerce is part of our strategy to invest in Vietnam’s fast growing sectors,” said Woncheol Park, representative director of SK Southeast Asia Investment. “We strongly believe in the great potential of the O2O integrated retail industry in Vietnam and expect VinCommerce to become an important factor in promoting retail modernisation.”
Managed by Masan Group, VinCommerce operates about 2300 convenience stores and supermarkets across Vietnam. The company aims to increase its store number to 30,000 by 2025.
This news brief is based on reporting published by Inside Retail Asia on 2021-04-08. The original report is linked below.
Inside Retail Asia
https://insideretail.asia/2021/04/08/sk-group-takes-cornerstone-stake-in-vinmart-parent/This independent news brief is based on the public source identified above. It is an original summary or translation, not a reproduction of the source article. Rights in source text, research, trademarks and images remain with their respective owners; images are used under the licence or permission identified in the credit. Rights holders may contact rights@goodproductasia.com with evidence of ownership. Verified concerns will be corrected, replaced or removed promptly. This report is not investment, legal, medical or purchasing advice.
