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SEOUL, Dec 26 (Reuters) – South Korea’s second-largest conglomerate SK Group (034730.KS) is contemplating promoting a few of its property in Southeast Asia and reinvesting in different companies in nations within the area, together with Vietnam, a South Korean newspaper reported.
“We’re contemplating some asset changes as a part of common adjustments to our portfolio occasionally, however nothing has been confirmed but,” an SK official mentioned.
“Even when some property are adjusted, we are going to use it to reinvest in different development areas in Vietnam,” the official mentioned.
Vietnam, the place Samsung Electronics makes half of its world smartphone output, and South Korea earlier this month upgraded their relations to “complete strategic partnership”, which Vietnam has to date established solely with China, Russia and India.
The conglomerate plans to resolve which property to probably promote relying on patrons’ affords, and is contemplating reinvesting a number of the proceeds from any stake gross sales in native companies, South Korean newspaper the Korea Financial Day by day reported on Sunday citing unnamed funding banking sources.
An business supply, nevertheless, mentioned SK Group was planning to increase its group in Vietnam regardless of preliminary talks with a purchaser to promote a few of its property there.
Through an funding automobile, the Korean firm is the fourth largest investor in Vingroup, Vietnam’s largest conglomerate, in keeping with Refinitiv. Its mixed funding in Vingroup and Masan Group, Vietnam’s second largest conglomerate, is value over $1 billion.
Shares of Vingroup closed down 4% and of Masan down 3.7% on Monday.
A Vingroup spokesperson mentioned on Monday that SK Group had no intention of promoting Vingroup shares.
“We’ve mentioned with SK Group,” the spokesperson mentioned. “SK will plan on persevering with investments and collaborating with companions in Vietnam to develop up investments.”
Masan didn’t instantly reply to a Reuters request for remark.
Property held by SK Group’s Southeast Asia funding agency that may very well be offered, in keeping with the paper, additionally embrace stakes in Vietnam’s retail pharmacy chain Pharmacity, retailer VinCommerce and client retail platform The Crown X.
It additionally has a stake in Malaysian fintech firm Huge Pay, the paper mentioned.
Reporting by Joyce Lee in Seoul, Khanh Vu and Phuong Nguyen in Hanoi; Modifying by Kenneth Maxwell and Angus MacSwan
Our Requirements: The Thomson Reuters Belief Rules.
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