SK sells WinCommerce stake to Vietnam’s Masan

[Photo by Han Joo-hyung]

South Korea’s SK Group has sold its 7.1 percent stake in WinCommerce, the largest modern retail platform in Vietnam, to its parent Masan Group Corp., for 270 billion won ($202 million).

According to multiple sources from the conglomerate circle on Wednesday, SK Group sold 7.1 percent stake in WinCommerce to Masan Group for 270 billion won.

The move is seen as part of efforts to secure stable cash flow under the leadership of Chey Chang-won, chairman of the SUPEX Council, the group’s highest decision-making body.

Masan Group is one of the top three conglomerates in Vietnam. WinCommerce runs more than 3,600 convenience stores and supermarkets across the Southeast Asian country.

The two entities also agreed to extend the timeline for SK Group‘s put option with Masan Group by up to five years.

SK Group became a shareholder in Masan Group in 2018, with an investment worth $450 million, securing a 9.5 percent stake.