Korean group spends US$1 billion buying Vingroup shares
Saturday, May 18,2019AsemconnectVietnam - South Korean group SK has become a strategic partner of the local conglomerate Vingroup as both sides clinched a deal for the investment of some VND23.3 trillion, roughly US$1 billion, today, May 16.
According to the local media, SK Group has registered to buy 154.3 million shares of Vingroup through a private placement and 51.4 million secondary shares owned by its subsidiary VinCommerce. At an average price of VND113,000 per share, the total value of the deal is some VND23.3 trillion, equivalent to US$1 billion.
After signing the strategic partnership, Vingroup and SK will complete regulatory procedures, including entering new shares on the Hochiminh Stock Exchange. Credit Suisse is Vingroup’s consultant for this deal.
In late March, international media reported that SK Group planned to invest in Vingroup through its investment arm SK Southeast Asia Investment.
Earlier, the local group had announced a private placement plan to mobilize at least VND25 trillion, or nearly US$1.1 billion. It had intended to offer 250 million shares, or 7.8% of the total, to up to five foreign institutional investors at a price of VND100,000 per share or more.
Of the proceeds, Vingroup would spend VND10 trillion on restructuring debts, invest VND6 trillion in subsidiaries VinFast, VinTech and Vinsmart; and set aside VND9 trillion for its other business areas.
SK is one of the largest multidisciplinary corporations in Korea, working in fields such as telecommunications, technology, electronics, power engineering, logistics and services. The group has business operations in more than 40 countries around the world, with turnover of US$132 billion and total assets of US$184 billion as of 2018.
Nguyen Viet Quang, vice president and general director of Vingroup, said at the signing ceremony, “We welcome SK as Vingroup’s strategic partner. As a leader in many of its business areas and with its solid foundation in management and technological excellence, SK will bring valuable expertise to help Vingroup reach new heights, especially in the industry and technology sector.”
Source: thesaigontimes.vn
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