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KKR divests from $359 mln stake in Vietnam's Masan unit
By Reuters -
KKR said on Thursday it had divested its US$359 million investment in Vietnam's Masan Consumer Corp by selling the stakes at an undisclosed price to parent Masan Group.
KKR invested an initial $159 million in unlisted Masan Consumer in 2011 and followed up with a $200 million funding in 2013, the global investment firm said in a statement.
"KKR is proud of the successful and win-win partnership with Masan Group ... We would like to wish the Masan team continued success," said Ming Lu, member of KKR and Co-Head of Private Equity for KKR Asia.
"KKR's investment and partnership with Masan Group has supported the transformation of our leading consumer platform and reaching our goal of having a Masan product in every Vietnamese household," said Seokhee Won, Deputy CEO of Masan Group and CEO of Masan Consumer.
The announcement followed Masan Group signing a strategic deal last month with Singapore-based Singha Asia Holdings to sell a quarter of Masan Consumer for $1.05 billion and 33.3 percent of its brewery unit for $50 million.
Masan said on Thursday it has completed the sale of 14.3 percent of Masan Consumer to Singha Asia, a unit of Thailand's Boon Rawd Brewery, controlled by the family of Thai tycoon Santi Bhirombhakdi, for $600 million.
The remaining $450 million to increase Singha's ownership in Masan Consumer to 25 percent is subject to customary regulatory and corporate approvals, Masan said in a statement.