© Reuters. FILE PHOTO: The SK Innovation logo can be seen in front of the Seoul headquarters
SEOUL (Reuters) – South Korea's third largest conglomerate, SK Group, announced Tuesday that it had agreed to acquire a 16.3% stake in Vietnam's VinCommerce, a Masan Group retail company, for $ 410 million.
SK Inc, formerly SK Holdings Co Ltd, as well as the battery manufacturer SK Innovation, SK Telecom, the second largest memory chip manufacturer in the world, SK Hynix, and the power generation company SK E & S are participating in the deal through an investment unit aimed at Southeast Asia.
VinCommerce operates around 2,300 convenience stores and supermarkets in Vietnam, with a market share of around 50% in the country's consumer retail trade, SK said.
SK plans to accelerate other investments in key strategic interests such as online and offline sales, logistics and electronic payments in Vietnam by leveraging its strategic partnership with the Masan Group.
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