SK Group invests $340 mln in Masan subsidiary

Created 12 November 2021
  • PDF
Editor Choice
Share
(0 votes, average 0 out of 5)

South Korea’s SK Group will buy a 4.9 percent stake in The CrownX for $345 million, while Masan Consumer will increase its stake by 0.1 percentage point.
SK Group invests $340 mln in Masan subsidiary

It will be the first direct investment by SK in The CrownX, which is owned by WinCommerce, the operator of WinMart, and packaged food producer Masan.

In April this year SK Group had invested $410 to buy .

Masan will increase its holding in The Crownx to 85 percent after the deal.

The company aims to close out its fund raising round worth $200-300 million by the end of the year, and potentially increase its own stake in the near future.

It plans to shift its priority toward scaling up The CrownX’s ‘mini-mall’ concept, a combination of WinMart+ (grocery), Phuc Long Kiosk (coffee and tea), pharmacy, Techcombank, and a transaction point for Mobicast (a startup mobile virtual network operator).

It also wants to increase online grocery sales to more than 5 percent of total revenues and 50,000 orders a day.

"SK’s investment is a validation that our mini-mall concept, a winning nationwide model, will bring more value to consumers’ daily lives," Masan CEO Danny Le said.

SK Group is one of the largest conglomerates in South Korea with businesses across energy, chemicals, telecommunications, semiconductors, logistics, and services.


Source: VNE

Maybe You Also Interesting :

» Vietnam confirms 15,885 local cases

The Health Ministry announced 15,885 new domestic Covid-19 patients Wednesday in 61 cities and provinces, with Hanoi recording the first Omicron variant case...

» First regular flights from Europe arrive in Vietnam after two years

The first two commercial flights from Europe operated by Vietnam Airlines landed at Hanoi's Noi Bai International Airport on Wednesday after nearly two years...

» Australia want quick win against Vietnam: assistant coach

Australia assistant coach Rene Meulensteen complimented Vietnam's determination but is confident of quickly ending their World Cup qualifier Thursday.