SK sells 1.33% stake in Vietnam's Vingroup for about 120 billion KRW... Acquisition price at 70% level

Accelerating Restructuring of Investments in Vietnam

SK Group has decided to sell its 1.33% stake in Vingroup, Vietnam's largest conglomerate, for about 118 billion KRW, which is approximately 70% of the purchase price.

According to major foreign media and local outlet VN Express on the 12th (local time), Vingroup announced through a public disclosure that SK will sell 50.8 million shares of Vingroup held through its subsidiary 'SK Investment Vina II.'

With this sale, SK's stake in Vingroup will decrease from the previous 6.05% to 4.72%, and the sale proceeds are expected to be about 5,080 billion VND (approximately 118 billion KRW). Considering exchange rate effects, this is estimated to be about 70% of the original investment amount.

The sale period is from the 16th of this month to February 14th.

As of the end of 2023, SK was the fourth-largest major shareholder of Vingroup, but after the sale, it will be excluded from the list of major shareholders.

The director appointed to represent SK on Vingroup's board of directors has also requested to resign.

Previously, in May 2019, SK acquired about a 6.1% stake in Vingroup for 1 billion USD (approximately 1.47 trillion KRW).

Over the past few years, Vingroup's financial condition deteriorated due to large losses from its affiliate electric vehicle company VinFast, causing its stock price to drop significantly.

Nguyen Viet Quang, Vice Chairman and CEO of Vingroup, stated that despite this share sale, SK Group still trusts Vietnam's market potential and Vingroup's leadership across industries.

He said, "SK remains an important partner to Vingroup," adding, "Both sides are discussing potential cooperation opportunities to maximize future growth."

Last November, SK sold a 5.05% stake in Masan Group, a Vietnamese food and beverage and distribution company, with the sale proceeds reportedly around 200 million USD (approximately 295 billion KRW).

Recently, SK Group has sold or is in the process of selling various assets, including SK Specialty and SK Communications.

This content was produced with the assistance of AI translation services.