The logo of SK is seen in Seoul, South Korea, Feb. 3, 2017. Photo by Reuters
A subsidiary of South Korean conglomerate SK Group plans to sell 50.8 million shares of Vietnam’s largest private firm, Vingroup, in the stock market to restructure its investment portfolio.
SK Investment Vina II will see its holdings in Vingroup fall from 6.05% to 4.72% after the sale, to be done between Jan. 16 and Feb. 14. and expected to fetch VND509 billion (US$20 million).
The SK Group representative on the Vingroup board, Chun Chae Rhan, has asked to resign.
Nguyen Viet Quang, vice chairman and CEO of Vingroup, said despite the sale, SK Group remains confident in Vietnam’s market potential and Vingroup’s leadership across industries.
“For Vingroup, SK remains an important partner. Both sides are discussing potential collaboration opportunities to maximize growth in future.”
SK Group first picked up stakes in Vingroup in 2019, paying $1 billion for 6.1% ownership and status as a strategic partner.
According to Vingroup’s 2023 annual report, SK Group owned 231.5 million of its shares, making it the fourth largest stakeholder.
South Korea’s third largest chaebol is seeking to rapidly restructure its global investments.
It aims to raise 1 trillion Korean won ($720 million) by divesting non-core assets and bolster cash holdings.
In September 2024 food producer and retailer Masan Group acquired a 7.1% stake in its subsidiary WinCommerce from SK Group for $200 million.
Two months later SK Group sold 76 million Masan shares, reducing its ownership to 3.67%.
