The Korean giant starts to expand its presence in Southeast Asia.
Vingroup and SK Group has today signed a strategic cooperation agreement.
Accordingly, SK Group has subscribed to 154.3 million primary shares from Vingroup and to acquire 51.4 million Vingroup secondary shares from VinCommerce at an average price per share of VND113,000 for a total consideration of VND23.3 trillion ($1 billion)
The strategic investment from SK Group is a clear demonstration of its trust in Vingroup as well as an endorsement of both parties’ confidence in the growth potential of the Vietnamese market.
Vingroup and SK Group intend to enter into future joint strategic investments that will leverage on each party’s expertise and enhance both groups’ ability to serve the Vietnamese market and the region.
Woncheol Park, representative director of SK South East Asia Investment said, “We believe partnering with a local champion, such as Vingroup, to explore new business opportunities is an ideal strategy for SK’s expansion in South East Asia.
Further, we are expanding in Vietnam with a long term goal of contributing to the local agenda and the economic advancement of the nation. In this regard, we have a lot of respect for Vingroup and the significance of their role in the Vietnam’s economy. Through this strategic partnership, we greatly look forward to working closely with Vingroup and create vast synergies for both groups and for Vietnam.”
Nguyen Viet Quang, vice chairman and CEO of Vingroup said, “We welcome SK as a strategic partner of Vingroup. We believe that with SK’s deep-benched experience as a leader in many of its businesses, its solid business foundation and achievements in technology, SK will bring about invaluable experience which will enable Vingroup to achieve new heights, especially in the fields of Industrials and Technology.”
The transaction is subject to customary regulatory approvals and the listing of primary shares issued on the Ho Chi Minh Stock Exchange. Credit Suisse acted as sole advisor to Vingroup.
SK Group is currently the third largest multisectoral corporation in South Korea regarding the asset value. It operates in various areas such as telecommunications, technology, electronics, energy, logistics and services.
Last August, its five affiliates established a joint entity named SK Southeast Asia Investment Pte. Ltd. in Vietnam to launch promising opportunities in the booming Southeast Asian market.
Recently, SK Group also bought a 9.5 per cent stake in Masan Group Corporation, Vietnam’s second-largest private conglomerate, for $470 million.
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