Credit Suisse AG (Singapore branch) has sold 27.7 million shares of consumer goods-to-financial services conglomerate Masan Group Corporation to six Vietnamese individuals, while Hoa Binh Construction Group JSC has offered to sell 25 million shares to South Korea’s Hyundai Elevator.
Credit Suisse sells Masan Group shares
Credit Suisse AG (Singapore branch) has sold 27.7 million shares of consumer goods-to-financial services conglomerate Masan Group Corporation to six Vietnamese individuals, according to an announcement by the Vietnam Securities Depository Center.
The transaction value was not disclosed. Going by Masan’s current stock price of about VND 88,000 apiece, the sale is likely to have fetched Credit Suisse about VND 2.4 trillion ($103.2 million).
In July last year, Credit Suisse had sold nearly 14 million Masan shares for VND 1 trillion ($43.1 million). Before that, it had offloaded 10 million shares to two individuals.
Masan Group Corporation, an investment holding company, engages in the manufacture, retail, and distribution of food and beverage products in Vietnam.
Last year, SK Group purchased 109.89 million treasury shares of Masan at VND 100,000 ($4.28) per share for a total consideration of $470 million. The South Korean company is now the largest foreign shareholder in Masan Group with a 9.5 per cent stake.
Hoa Binh Construction offers shares for sale
Hoa Binh Construction Group JSC, a provider of industrial and civil construction services in Vietnam, has offered to sell 25 million shares to South Korea’s Hyundai Elevator for $24.7 million, according to local media reports.
At a price of VND 23,000 apiece, the construction group is expected to raise VND 575 billion ($24.7 million) from the share sale.
The proceeds will be used towards working capital for construction activities, procurement of machinery and equipment for production and business expansion to foreign markets.
Hoa Binh Construction Group works on construction projects, including residential, culture-education-health, commercial and complex, aviation terminal, and industrial projects. The company also provides surface levelling, construction consulting, house renovation, and interior decoration services; and manufactures and trades construction materials and interior decoration products.