SK sells 1.33% stake in Vietnam's Vienna Group for about 30 billion won

SK Group, which is undergoing a high-intensity restructuring, has decided to sell a 1.33 percent stake in Vietnam's largest group, Vin Group, for about 29.6 billion won, about one 11th of the acquisition price.

According to Reuters and other sources, Vin Group said in a public announcement that SK will sell 58.8 million shares of Vin Group held through its subsidiary "SK Investment Vina II".

With this sale, SK's stake in Vienna Group will be reduced from 6.05% to 4.72% and the sale price is expected to be about 58 billion dong (about 29.6 billion won).

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

SK was the fourth major shareholder with the largest stake in the Vienna Group as of the end of 2023, but will be excluded from the list of major shareholders after the sale.

The director appointed on behalf of SK at the board of directors of the Vienna Group also requested his resignation.

In May 2019, SK acquired a 6.1% stake in Vin Group for $1 billion (about 1.47 trillion won).

Therefore, the expected sale price is estimated to be around 9.2% of the acquisition price.

Over the past few years, Vin Group has also seen its shares fall sharply as its financial position deteriorates due to a large deficit in its affiliate EV company VinFast.

Vin Group CEO Nguyen Viet Quang stressed that despite the stake sale, SK Group still trusts Vietnam's market potential and Vin Group's industry-wide leadership.

SK sold its 5.05% stake in Masan Group, a Vietnamese food and beverage and distribution company, in November last year, and the sale price is reported to be about $200 million (about 295 billion won).