SK-backed Masan looks to scrap foreign ownership cap

Vietnam’s leading multi-sector conglomerate Masan Group is seeking to remove its foreign ownership limit, which is now capped at 49%.

Masan (HoSE: MSN) is currently 30% held by foreign investors, including 4.15% owned by Bain Capital’s BCC Meerkat LLC, 3.86% by South Korea-based SK Investment Vina I Pte.Ltd, and 2.2% by the Singaporean government’s GIC.

The firm will seek shareholder approval to lift the cap at its 2025 AGM, scheduled on April 25.

In 2025, Masan targets a net revenue of VND80-85.5 trillion ($3.1-3.3 billion), up 7-14% year-on-year. It guns for VND4.8-6.5 trillion ($186.35-252.35 million) this year, up 14-52% from last year.

The company expects its core business, consumer goods, to drive this double-digit growth this year. Masan owns WinCommerce, the operator of retail chain WinMart and WinMart+ with over 3,600 outlets nationwide.

Despite a 300% surge in 2024 net profit to nearly VND2 trillion ($77.65 million), the firm does not plan to pay a dividend this year. Instead, it intends to issue shares under an employee stock ownership plan (ESOP) at a price of VND10,000 ($0.39) per share, either in 2025 or within the first four months of 2026.

Masan also plans to reduce financial leverage, strengthen its balance sheet, and cut financial costs by scaling down non-core business segments.

MSN shares closed up 6.13% on Friday, at VND57,100 ($2.22) each.