Vietnam Digest: Credit Suisse sells Masan shares; Hyundai Elevator to buy Hoa Binh stake

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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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.