A group led by Singaporean sovereign fund Government of Singapore (GIC) has cut its ownership in Vietnam’s leading consumer goods manufacturer and retailer Masan Group to below 5%, losing its status as a major shareholder.
GIC sold 545,800 shares in Masan Group, listed on the Ho Chi Minh Stock Exchange as MSN, earlier this month, reducing its holding to 31.64 million shares, or a 2.21% stake.
Its affiliate, Ardolis Investment Pte Ltd., holds a 2.76% stake, leaving a combined 4.98%, down from 5.01% before the transaction.
GIC started to invest in Masan Group in 2016 and spent hundreds of millions of USD to buy 13.03% of the firm. In late 2020, the group started to divest from the Vietnamese firm, and one year after Masan Group acquired VinCommerce, the operator of the VinMart and VinMart+ retail chain from Vingroup.
GIC and its affiliates had sold nearly 33 million MSN shares in January 2022.
Masan earned a net profit of VND1.87 trillion ($75.46 million) in 2023, down 61% year-on-year, although its revenue rose 3% to VND78.25 trillion ($3.16 billion).
U.S.-based multi-asset investment firm Bain Capital in December agreed to increase its equity investment in Masan to $250 million from the previously announced $200 million.
In Vietnam, GIC has also invested in other majors like Vinhomes - the residential property developer under Vingroup, budget carrier Vietjet, tech firm FPT, and agribusiness The PAN Group.
MSN shares closed last Friday at VND78,500 ($3.17) apiece.