Masan (MSN) buys additional shares in subsidiary The CrownX

Jul 1st at 14:56
01-07-2021 14:56:05+07:00

Masan (MSN) buys additional shares in subsidiary The CrownX

Conglomerate Masan Group has acquired an additional 4.7 percentage stake in its subsidiary The CrownX, bringing its ownership to 84.9 percent.

Customers at a Phuc Long kiosk next to a VinMart+ convenience store in Ho Chi Minh City in May 2021. Photo by VnExpress/Quynh Tran.

The group bought the shares from its minority shareholders. It did not reveal the value, but based on the valuation in May when the group issued new The CrownX shares to Alibaba, the deal was estimated at $340 million.

"We believe The CrownX is undervalued based on its expected 2021 financial performance and its current valuation does not price in the upside of our off-to-online platform," said Masan Group CEO Danny Le.

The CrownX targets profits from its VinCommerce unit, which operates VinMart+ minimarts and VinMart supermarkets, in the second quarter after achieving break-even in June.

It plans to open from 300 to 500 new VinMart+ stores by the end of the year, bringing its total store network to over 3,000.

It also eyes having 1,100 Phuc Long Kiosks in VinMart+ locations by year-end. Each of these kiosks is set to generate VND5 million ($217) in revenue per day, of which VinCommerce gets 20 percent.

VinCommerce has also piloted 4-hour express delivery from 14 VinMart supermarkets in Ho Chi Minh City and Hanoi.

Masan plans to raise an additional $300-400 million at The CrownX in the second half this year.

Vnexpress





RELATED STOCK CODE (1)

NEWS SAME CATEGORY

VCI repurchases over $21 million unmatured bonds

Viet Capital Securities JSC (VCI) just announced the repurchase of bonds prior to maturity, which were issued in 2020.

Top 10 public companies in 2021, affirming banking sector’s growth potential (ACB)

Vietnam Report Joint Stock Company has recently announced Viet Nam’s Top 10 prestigious and effective public companies in 2021 with six of them in banking and...

Vietjet (VJC) sets 2021 revenue target of $945million

Vietjet Aviation Joint Stock Company (HoSE: VJC) targets a consolidated revenue of VND21.9 trillion (US$945million) in 2021, achieving year-on-year growth of 20 per...

Hoa Sen (HSG) profits increase five-fold

Steel giant Hoa Sen Group saw net profits quintuple in May from a year earlier to over VND600 billion ($26.1 million).

Vicostone's (VCS) profit to soar 73% in Q2

Vicostone Joint Stock Company estimated its revenue and pre-tax profit in the second quarter of this year jumped 59.2 per cent and 73.2 per cent year-on-year to...

Dat Xanh Group subsidiary approved for main bourse listing

Vietnam’s main bourse HoSE has approved the listing of DXS ticker of the Dat Xanh Real Estate Services Jsc (DXS) as part of its plans to expand operations.

Dragon Capital funds buys 2.7 million shares of Dat Xanh Group (DXG)

A group of investment funds run by Dragon Capital announced on Saturday it had successfully bought more than 2.71 million shares of Dat Xanh Group JSC (DXG).

Mobile World (MWG) profits rise 26 pct

Electronics retailer Mobile World reported a 26 percent increase year-on-year in post-tax profits to VND2.2 trillion ($94.4 million) for the first five months of...

LienVietPostBank (LPB) to pay dividend in shares at rate 12%

The State Bank of Viet Nam has approved the 2020 dividend payout plan of Lien Viet Post Commercial Joint Stock Bank (LienVietPostBank or LPB), at the rate of 12 per...

Maritime Bank (MSB) allowed for margin trading

The Ho Chi Minh Stock Exchange issued a notice on allowing shares of the Vietnam Maritime Commercial Joint Stock Bank (HSX: MSB) for margin trading from Thursday.


MOST READ


Back To Top