HA NOI (VNS)— US investment fund KKR's arm may transfer its stake in Masan Consumer to shares of the parent company Masan Group (MSN) in a new issuance.
The fund earlier this year spent US$200 million to buy 45.68 million shares of Masan Consumer, gaining an 8.7 per cent stake in the company.
Masan Group holds a dominating 77.3 per cent stake in Masan Consumer.
A Massan representative said the type of securities issued for the swap will be MSN shares or depository receipts on the basis of common shares.
The number of new MSN shares will be calculated based on the comparision between the ownership of the US investor in Masan Consumer and the volume weighted average price of MSN shares at the time of the issuance. It must also assure KKR's expected internal rate of return.
Masan Group also plans private placement of shares to Jade Dragon (Mauritius) Limited – a subsidiary of Goldman Sachs – and Dragon Capital's Vietnam Resource Investments (Cayman) Limited.
In addition, Masan Group intends to issue 100-200 million convertible bonds in the international market. Bond yields will reach up to 8 per cent a year.
The conversion price has not been set, but it will be at least VND100,000 per share.
The bonds may be listed on the Singapore Stock Exchange or other foreign stock exchanges chosen by the board. — VNS