Masan owns 83.74 per cent of shares at Vingroup’s subsidiary after share swap deal

Masan owns 83.74 per cent of shares at Vingroup’s subsidiary after share swap deal

 

Masan Consumer's products in a Vinmart store. — Photo cafef.vn

HÀ NỘI — Retail giant Masan Group Corporation has announced that after the share swap deal with conglomerate Vingroup, it now owned  八 三. 七 四 per cent of the total outstanding ordinary shares of Vingroup’s subsidiary VCM Services and Trading Development Joint Stock Company (VCM) which operated Vinmart and Vinmart+ stores.

According to Masan Board of Directors’ resolution announced on Tuesday, Masan received  八 三. 七 四 per cent of shares of VCM and issued options to receive shares of a combined company which would hold shares and operate both VCM and Masan Consumer Holdings Company Limited.

In early December, Masan and Vingroup announced a share swap agreement to merge Vingroup’s retail (VinCo妹妹erce) and agriculture (VinEco) arms with Masan Consumer Holdings to create the country’s biggest retail company.

Accordingly, Vingroup would swap all shares in VinCo妹妹erce into shares of the combined company which would be operated by Masan Group while Vingroup would be a shareholder.

The combined company would own a distribution network of  二, 六00 VinMart and VinMart+ stores in  五0 provinces and cities together with  一 四 hi-tech farms of VinEco.

VCM was founded on August  五,  二0 一 九 with charter capital of VNĐ 一 billion, in which Vingroup held a stake of  六 四. 三 per cent.

VCM’s charter capital was then raised to VN 六. 四 三 七 trillion and the company wholly owned VinCo妹妹erce which operated VinMart and VinMart+ store chains.

It was estimated that Masan must spend around VNĐ 五. 四 trillion to hold the controlling stake at VCM.

Masan Consumer is one of Việt Nam’s largest FMCG companies. — VNS