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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Sangjin] SK Group has reportedly initiated the process of selling its stakes worth approximately 1 trillion KRW (about 880 million USD) in Masan Group and Vingroup, which are two of the largest private companies in Vietnam. Masan Group is the second-largest retail company in Vietnam, while Vingroup is the largest private enterprise in the country.
This move is seen as part of SK Group's efforts to restructure its business and alleviate financial burdens from new investments by securing cash flow through the liquidation of non-core assets.
According to industry sources on the 20th, SK Group’s holding company, SK, recently expressed its intention to exercise a put option (the right to sell shares) to Masan Group. SK had initially invested 450 million USD (approximately 530 billion KRW at that time) in 2018 and plans to recover the principal and interest by the end of this year. The negotiations for the share sale between the two companies are reportedly in the final stages.
SK Group is also in negotiations to sell its shares in Vingroup. In 2019, SK acquired a 6.1% stake in Vingroup for 1 billion USD (approximately 1.18 trillion KRW at that time). However, the negotiations with Vingroup are still in the early stages, and specific details have not yet been finalized.
If SK successfully completes the sale of its stakes in both groups, it is expected to recover more than 1 trillion KRW in total.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
