Vingroup to sell 41.5% stake in Vincom unit

HANOI: Vietnam’s most prominent private conglomerate Vingroup JSC has agreed to sell a 41.5% stake in Vincom Retail, according to a person who is familiar with the deal.

Vingroup will sell its investment unit SDI Trading Development and Investment Ltd, which holds a 99% stake in Sado Trading Commercial JSC that owns about a 41.5% in Vincom Retail, according to the person.

Vingroup will still hold about an 18.8% stake in Vincom Retail, the person said.

Vingroup, in an emailed statement, confirmed the transaction, which it said is expected to be completed sometime between March and in the third quarter. The company did not provide details of the deal, including its value and investor.

“This is the time to focus all resources to strongly develop Vingroup and key brands with high growth potential,” Nguyen Viet Quang, vice-chairman of Vingroup, said in the statement.

Vingroup’s divestment from Vincom Retail, which operates and develops malls, comes as the company pursues becoming a global manufacturer of electric vehicles through its VinFast unit. — Bloomberg