Vietnam's Masan increases stake in local beverage chain Phuc Long to 51%

Vietnam's Masan increases stake in local beverage chain Phuc Long to 51%

Top Vietnamese retailer Masan Group Corporation has increased its stake in beverage chain Phuc Long Heritage Joint Stock Company from 20% to 51% for a consideration of $110 million, according to an announcement.

The Vietnamese conglomerate acquired a 20% stake in the firm nearly a year back for $15 million. The firm operates local tea and coffee brand Phuc Long.

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