Singapore government fund lowers stake in Masan (MSN)
Singapore government fund lowers stake in Masan (MSN)
The Government of Singapore has reduced its ownership in conglomerate Masan Group by a 1.65 percent stake, its second major sale this year.
A staff arranges goods at a VinMart outlet operated by Masan Group. Photo courtesy of Masan Group
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The Government of Singapore Investment Corporation (GIC) sold 19.5 million MSN shares owned by it and subsidiary Ardolis Investment on Sept. 9, according to a statement by Masan.
The sale lowered GIC’s ownership in the company from 10.34 percent to 8.69 percent.
The deal was estimated at VND2.5 trillion ($110.35 million) based on market price.
GIC is now the second biggest foreign shareholder in Masan behind South Korea’s SK Group with a 9.31 percent stake.
GIC started purchasing MSN shares in 2018. In January, it sold 19.8 million shares.
Masan JSC (MIC), a company of Masan’s chairman Nguyen Dang Quang, had recently registered to purchase 2 million MSN shares to increase its ownership by 0.17 percent to 31.55 percent.
Masan Group’s profit in the first half surged eight times year-on-year to VND979 billion.
