Alibaba, partners invest $400 million in retail arm of Vietnam's Masan


FILE PHOTO: The logo of Alibaba Group is seen at its office in Beijing, China January 5, 2021. REUTERS/Thomas Peter

HANOI (Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd and partners have invested $400 million in the retail unit of Vietnamese conglomerate Masan Group Corp, Masan said on Tuesday.

The consortium, which includes Alibaba Group and Baring Private Equity Asia, has paid for a 5.5% stake in Masan's retail arm, The CrownX, the company said in a statement.

The CrownX, founded in 2019, is valued under the deal at $6.9 billion, equivalent to $93.50 a share, the statement said. Parent company Masan will hold 80.2% of retail unit.

The deal will expand Alibaba's presence in Southeast Asia after its $4 billion investment in e-commerce firm Lazada in 2018.

"The CrownX will work closely with Lazada to accelerate our digital transformation into an 'all-in-one' platform to serve consumers' both offline and online purchases," Masan said in the statement.

The company said it was in talks with other investors on an additional investment of between $300 million to $400 million in The CrownX with that deal expected to close in 2021.

Masan shares opened up 5.57% on Tuesday to 110,000 dong after the announcement, giving the company a market capitalisation at $5.3 billion.

(Reporting by Phuong Nguyen; Editing by Christopher Cushing and Ed Davies)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

   

Next In Tech News

Gojek cuts its commission by half till at least end-2022 in Singapore
Toshiba's chairman says wants to stay on, hits out at former CEO
U.S. data firm Equinix clinches new JV deals with Singapore's GIC
Sexual abuse ‘normalised’ in UK schools as boys pester girls for ‘nudes’
MCMC collaborates with telcos to organise scam prevention campaign as losses exceed RM38mil in Q1 2021
Video game fest E3 kicks off with ‘Starfield’, ‘Elden Ring’ teasers
Tesla to accept bitcoin again when greener
UK cyber chief Cameron says ransomware is key online threat
Microsoft bolsters video game line-up as Xbox turns 20
WhatsApp launches ad campaign touting encryption

Stories You'll Enjoy


Vouchers