Masan denies information that SK Group sold all its capital, earning hundreds of millions of USD

In the latest announcement, Masan denied the information that SK Group had exercised its put option (right to sell shares) to sell 9% of its shares in this group.

Masan denies information that SK Group sold all its capital. Illustrative photo

Masan Group Corporation (MSN) has just responded to recent news from a Korean newspaper source related to SK Group's investment. According to an article from Korea, SK Group has exercised its put option (right to sell shares) to sell 9% of its shares in Masan Group. However, a representative of Masan confirmed that this information is incorrect. "To date, SK has not exercised its put option," Masan informed. This large Vietnamese consumer goods group also confirmed that both businesses are currently in the final stages of a specific roadmap, subject to favorable market conditions, for SK Group to reduce its ownership stake in Masan Group. "SK has identified professional investors, of international stature and knowledgeable about Masan's business operations, to transfer its shares in Masan," Masan revealed. This roadmap is designed to protect and maximize value for shareholders of both businesses.

In 2018, SK Group contributed about $450 million to buy shares and became the largest foreign investor in Masan. SK Group is the third largest conglomerate in South Korea.

Previously, the news that SK Group wanted to divest from emerging markets, including its investment in Masan, had been a sensation among stock investors since September last year. The information was spread that Korean investors were allowed to sell their shares after three years of holding them at the original purchase price, or about VND80,000/share. The transaction was scheduled to take place from October 2023 to October 2024. At an investor meeting last May, Masan Group leaders continued to receive questions about how the group had prepared for SK Group's departure. Mr. Danny Le - CEO of Masan Group - said he did not expect any massive sell-off of shares held by SK. The Masan leader affirmed that he would continue to cooperate with SK Group as a partner, outside of his role as a shareholder of the group. "They are also committed to investing long-term in Vietnam. So we expect to do this in a very orderly manner over the next 24 months. Therefore, investors should not worry about a potential sell-off that could put pressure on the share price," said Mr. Danny.

BINH KHANH

Source: https://tuoitre.vn/masan-phu-nhan-thong-tin-sk-group-ban-het-von-thu-ve-hang-tram-trieu-usd-20240624085935646.htm